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TimesLive reports that the Mokopane Regional Court has convicted and sentenced three bank employees to 15 years direct imprisonment each for defrauding the Johannesburg Securities Exchange (JSE) and Samancor of funds amounting to R190m.
During the trial, the court heard how the syndicate operated in their capacity as Absa employees in Limpopo and Gauteng when they accessed the portfolios of JSE Trustees and the Samancor Foundation without authorisation. NPA spokesperson Mashudu Malabi-Dzhangi indicated that on 26 July 2019, near Lephalale, the accused misrepresented to Samancor Foundation, or Absa, that they were authorised to transfer an amount of R2.9m, made changes to the JSE’s banking portfolio and added their own. “On August 12 2019, a transfer of R30m was made from Samancor Foundation, and on September 23 2019, an overall amount of more than R158m,” she reported. The court agreed with the state that fraud as a white-collar crime was a national concern, and accordingly the only appropriate sentence was a custodial sentence.
- Read the full original of the report in the above regard by Shonisani Tshikalange at TimesLive
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