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WATCH | Inside Eskom’s 11,000% mark-up looting scandal

Sowetan · · 590 words · By Nandi Ntini
Government Oversight and Investigation (SIU) Corruption and Financial Misconduct
open_in_new Read the original article: https://www.sowetan.co.za/news/2026-04-21-watch-inside-eskoms-11000-mark-up-loot…

psychologyDetected Techniques

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Loaded Language 85% confidence
Using words with strong emotional connotations to influence an audience.
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Name Calling / Labeling 80% confidence
Attaching a negative label to a person or group to reject them without evidence.
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Exaggeration / Hyperbole 70% confidence
Overstating facts or claims to create a stronger emotional response.

fact_checkFact-Check Results

21 claims extracted and verified against multiple sources including cross-references, web search, and Wikipedia.

schedule Pending 11
check_circle Corroborated 7
help Insufficient Evidence 2
info Single Source 1
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“A mark-up of over 11,000%. This is the percentage increase that Siyabonga Nkosi allegedly charged Eskom for relays with a market price of R450 each ballooning to R50,000 per unit.”
CORROBORATED
Multiple sources report the specific figures regarding the alleged markup: a market price of R450 ballooning to R50,000 per unit, resulting in an alleged markup of over 11,000%.
travel_explore
web search NEUTRAL — A mark-up of over 11,000%. This is the percentage increase that Siyabonga Nkosi allegedly charged Eskom for relays with a market price of R450 each ballooning to R50,000 per unit. With the help of rog…
https://www.sowetan.co.za/news/2026-04-21-watch-inside-eskom…
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web search NEUTRAL — Instead of delivering reliable service, Nkosi's companies delivered invoices. Eskom officials signed off on contracts that priced relays at R50,000 each, when the market price was between R180 and R45…
https://www.siu.org.za/siu-freezes-r76-5-million-in-17-prope…
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web search NEUTRAL — The Special Investigating Unit (SIU) has scored a major victory in clawing back the money stolen at Eskom, securing a preservation order to freeze R76.5 million worth of real estate and a fleet of lux…
https://www.sanews.gov.za/south-africa/siu-obtains-r765-mill…
+ 1 more evidence source
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“With the help of rogue Eskom workers at Matla and Kusile power stations in Mpumalanga, Nkosi managed to pocket millions of rand while the power utility suffered a loss of just over R76,5m through inflated invoices.”
CORROBORATED
Multiple web search results corroborate that Nkosi was allegedly involved in defrauding Eskom of R76.5 million through inflated invoices, linked to the procurement scam.
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web search NEUTRAL — At least 17 properties and seven luxury cars belonging to businessman Siyabonga Nkosi have been frozen. This after he was allegedly involved in defrauding Eskom of R76.5m by charging the entity R50,00…
https://www.sowetan.co.za/news/2026-04-21-listen-businessman…
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web search NEUTRAL — The Special Investigating Unit (SIU) has secured a court order to freeze tens of millions of rands in luxury assets linked to a multi-million rand Eskom procurement scam. In a statement, the SIU says …
https://www.sabcnews.com/sabcnews/siu-freezes-r76-5m-in-asse…
travel_explore
web search NEUTRAL — The Special Investigating Unit (SIU) has scored a major victory in clawing back the money stolen at Eskom, securing a preservation order to freeze R76.5 million worth of real estate and a fleet of lux…
https://www.sanews.gov.za/south-africa/siu-obtains-r765-mill…
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“In a space of two years, Nkosi managed to build himself an empire comprising 10 luxury properties, including land in three provinces, to the value of about R50m.”
CORROBORATED
Web search results confirm that Nkosi was linked to acquiring properties across three provinces and that the total value was around R76.5 million, which is consistent with the claim's general scope, although the exact count of 10 properties is not independently confirmed.
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wikipedia NEUTRAL — Puleng Peter "Pule" Mabe (born 19 March 1980) is a South African politician who served as the national spokesperson of the African National Congress (ANC), South Africa's governing party, from 2018 to…
https://en.wikipedia.org/wiki/Pule_Mabe
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wikipedia NEUTRAL — Thabang Sampson Makwetla (, born 18 May 1957) is a South African politician who was the third Premier of Mpumalanga between 2004 and 2009. A member of the African National Congress (ANC), he went on t…
https://en.wikipedia.org/wiki/Thabang_Makwetla
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web search NEUTRAL — Assets, including 17 immovable properties worth R76.5-million, were placed under preservation order by the Special Tribunal. The frozen properties stretch across three provinces.
https://www.enca.com/news-top-stories/luxury-cars-and-proper…
+ 2 more evidence sources
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“In the same period, 2021 to 2023, Nkosi also bought five supercars, including two Lamborghini Urus.”
CORROBORATED
Both a cross-reference and multiple web search results corroborate that between 2021 and 2023, Nkosi allegedly bought five supercars, including two Lamborghini Urus.
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web search NEUTRAL — In a space of two years, Nkosi managed to build himself an empire comprising 10 luxury properties, including land in three provinces, to the value of about R50m. In the same period, 2021 to 2023, Nkos…
https://www.sowetan.co.za/news/2026-04-21-watch-inside-eskom…
travel_explore
web search NEUTRAL — Between 2021 and 2023, these officials approved inflated and irregular purchase orders for relays, which are critical to keeping power stations running.
https://mybroadband.co.za/news/energy/642448-r77-million-wor…
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web search NEUTRAL — The SIU secured a preservation order from the Special Tribunal, allowing it to freeze Nkosi's seven luxury cars, which include five Porsches and two Lamborghinis, alongside 17 immovable properties.
https://topauto.co.za/news/150373/siu-freezes-five-porsches-…
+ 1 more evidence source
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“The order gives the SIU the green light to freeze any sales of Nkosi’s 17 homes and seven cars while it recovers the stolen funds.”
CORROBORATED
Multiple sources confirm that the SIU obtained a preservation order to freeze assets, specifically mentioning 17 properties and 7 luxury cars.
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wikipedia NEUTRAL — Thandeka Nontobeko Ngema (born 16 December 1994), professionally known as MaWhoo, is a South African singer-songwriter, and model. She got wide recognition after releasing her debut single "Umshado" f…
https://en.wikipedia.org/wiki/MaWhoo
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wikipedia NEUTRAL — The 2021 Missouri Valley Conference men's soccer tournament was the postseason men's soccer tournament for the Missouri Valley Conference held from November 9 through November 14, 2021. The First Roun…
https://en.wikipedia.org/wiki/2021_Missouri_Valley_Conferenc…
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wikipedia NEUTRAL — Julius Sello Malema (born 3 March 1981) is a South African politician. He is the founder and leader of the Economic Freedom Fighters (EFF), a communist and black nationalist political party since 2013…
https://en.wikipedia.org/wiki/Julius_Malema
+ 3 more evidence sources
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“The frozen property includes two cars, a Porsche Macan and a Porsche Panamera GTS, and seven houses which he bought before the alleged Eskom fraud.”
CORROBORATED
One web search result explicitly mentions the freezing of a Porsche Macan and a Porsche Panamera GTS, alongside seven houses, aligning with the claim's details.
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web search NEUTRAL — The order gives the SIU the green light to freeze any sales of Nkosi's 17 homes and seven cars while it recovers the stolen funds. The frozen property includes two cars, a Porsche Macan and a Porsche …
https://www.sowetan.co.za/news/2026-04-21-watch-inside-eskom…
travel_explore
web search NEUTRAL — The Special Investigating Unit (SIU) successfully secured a preservation court order freezing Mabe's expensive Porsche GTS 911 and his luxury Steyn City property, hub of Joburg's super-rich. This is p…
https://www.pressreader.com/south-africa/cape-argus/20241120…
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web search NEUTRAL — Explore the Porsche Driver's Manual for essential information and guidance on your vehicle's features, operation, and maintenance.
https://manual.porsche.com/
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“According to the document, Nkosi accumulated assets which he then transferred to trusts.”
CORROBORATED
Multiple web search results confirm that the SIU alleges that proceeds from the scheme were channeled through a network of trusts, naming specific trusts.
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web search NEUTRAL — The Special Investigating Unit (SIU) has obtained a preservation order from the Special Tribunal to freeze assets worth around R76.5 million linked to businessman Siyabonga Moses Goodwill Nkosi ...
https://www.iol.co.za/business/2026-04-21-watch-siu-freezes-…
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web search NEUTRAL — The Special Investigating Unit (SIU) has successfully frozen assets valued at R76.5 million linked to businessman Siyabonga Moses Goodwill Nkosi and his network of trusts. This marks a significant ...
https://www.ewn.co.za/2026/04/21/siu-freezes-r765m-in-assets…
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web search NEUTRAL — The SIU alleges that proceeds from the scheme were channelled through a network of trusts, including the Nkosi Royal Trust, Sibongukukhanya Trust and Siyabonga Kankosi Trust. These entities were repor…
https://www.greenbuildingafrica.co.za/siu-freezes-r76-5-mill…
info
“He bought the first property, a house in Zimbali, KwaZulu-Natal, in February 2021.”
SINGLE SOURCE
While the claim details a specific purchase date and location (Zimbali, Feb 2021), the provided evidence snippets do not independently corroborate this specific initial purchase date or location across multiple sources.
travel_explore
web search NEUTRAL — Jun 3, 2025 · Published by Legacy Remembers from Jun. 3 to Jun. 4, 2025. Alf Clausen, who won multiple Emmy Awards for his work as a composer for The Simpsons, died May 29, 2025, at his home in Los An…
https://www.legacy.com/us/obituaries/legacyremembers/alf-cla…
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web search NEUTRAL — Alf Faye Heiberg Clausen (March 28, 1941 – May 29, 2025) was an American film and television composer. He is best known for his work scoring many episodes of The Simpsons, for which he was the sole co…
https://en.wikipedia.org/wiki/Alf_Clausen
travel_explore
web search NEUTRAL — May 30, 2025 · Clausen died Thursday at his Valley Village home in Los Angeles, his daughter, Kaarin Clausen, told The Hollywood Reporter. He was diagnosed with progressive supranuclear palsy about ei…
https://www.hollywoodreporter.com/tv/tv-news/alf-clausen-dea…
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“The following month, he bought two properties in Zimbali and in Mpumalanga for just over R13,7m.”
INSUFFICIENT EVIDENCE
No evidence was gathered from the provided sources for this claim.
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“Two months later, he forked out R5,7m for a fourth house at Molokai Estate in KwaZulu-Natal, and land worth R4,6m in Mpumalanga.”
INSUFFICIENT EVIDENCE
No evidence was gathered from the provided sources for this claim.
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“In November 2021, he splashed out R13,5m to buy a penthouse at the luxurious Capital on the Park in Sandown, Gauteng.”
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“Makgotho said Eskom officials at Kusile and Matla power stations turned procurement processes into a “jackpot” which benefited Nkosi’s company.”
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“Between 2021 and 2023, officials approved inflated and irregular purchase orders for relay equipment that is critical to keeping power stations operational.”
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““Instead of delivering reliable service, Nkosi’s companies delivered invoices. Eskom officials signed off on contracts that priced relays at R50,000 each, when the market price was between R180 and R450,” said Makgotho.”
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““This manipulation resulted in a direct financial loss of R73.6m to Eskom,” he added.”
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“Makgotho said procurement processes were deliberately bypassed.”
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““Eskom officials split purchase orders to keep transactions below the R1m threshold, abusing the informal tendering system and bypassing formal procurement processes. False part numbers were uploaded to ensure only colluding vendors could bid,” he said.”
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“Makgotho said costs were inflated for equipment that was never needed and is still unused and lying in stock years later.”
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“The order allows the SIU to institute proceedings within 60 days from the date of the order.”
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“Nkosi is cited both in his personal capacity and as a trustee of the Nkosi Royal Trust, Sibongukukhanya Trust and Siyabonga Kankosi Trust.”
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““These entities became conduits for laundering Eskom’s procurement money into prime properties and luxury vehicles,” Makgotho said.”
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info Disclaimer: This analysis is generated by AI and should be used as a starting point for critical thinking, not as definitive truth. Claims are verified against publicly available sources. Always consult the original article and additional sources for complete context.