Gravity Separation PRETORIA — A man who allegedly fleeced investors of millions of rands when they invested in a business supplying coal to Eskom, appeared in the Pretoria Commercial Crimes Court yesterday.
Steve Pinky Mnguni had his bail application postponed to January 24 to allow him to give his lawyer further instructions. The state did not object.
The courtroom was packed with angry investors, some of whom had put money they had loaned from banks into the business.
Mnguni had allegedly Grid Ball Mill claimed to have been awarded a tender to supply coal to Eskom. He allegedly lured people to invest in a trucking business to transport the coal. A Hawks investigation had since determined that Eskom never awarded him a tender.
He allegedly also ran a parallel scam in which he claimed to have been selling shares in investment services company PSG. Police had been trying to find him since last year, after he allegedly conned 204 people and made around R30 million.
Mnguni appeared alongside his wife Nadima Leya Masanabo, who is accused number one. She handed herself to police when Mnguni was arrested at his office on January 7 in Garsfontein, Pretoria. Masanabo was granted R30 000 bail at her previous appearance last week.
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