Shareholder bust for ‘defrauding’ company of R250m

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A shareholder has swapped the boardroom for a court dock after he was arrested for allegedly defrauding his company of R250m.

“The company had an account with Absa Bank and Madibo submitted a new account from Nedbank to Sars. He then informed Sars to process VAT refunds into the new account. The money was deposited into his bank account on May 4 2018 and the other shareholders did not have knowledge of the transaction,” said Ramovha.

He said the matter was reported to the Brackendowns police station in Alberton in May 2018. The case was then assigned to the Hawks’ serious commercial crime investigation team and the probe culminated in the arrest of Madibo.

 

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