Peter Staude and 6 Tongaat Hulett Executives Accused of R1.5 Billion Fraud, Granted R30k Bail
- This morning, seven Tongaat Hulett executives, including former CEO Peter Straude, appeared at the Durban Specialised Commercial Crimes Court on charges of fraud
- Between 2015 and 2018, the group allegedly committed fraud concerning the sale of Tongaat Hullet's land by backdating
- Each of the seven accused was granted R30 000 bail, and they will appear in court again on the 11th of April
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DURBAN - This morning (10 February), seven Tongaat Hulett executives, including former CEO Peter Straude, appeared at the Durban Specialised Commercial Crimes Court on fraud charges.
Between 2015 and 2018, the group allegedly committed fraud in relation to the sale of Tongaat Hullet's land by backdating. The accused include Rory Wilkinson, Michael Deighton, Gavin Kruger, Murray Munro, and Samantha Shukia.
Captain Simphiwe Mhlongo, a Hawks spokesperson, said that the group's creative accounting practices gained them inflated bonuses and inaccurate profit margins, News24 reports. Mlongo added that Tongaat Hulett's correct loss is R1.5 billion.
Source: Twitter
The group gets bail and sets their next court date
According to TimesLIVE, each of the seven accused was granted R30 000 bail. They will appear in court again on the 11th of April.
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In January, Tongaat Hulett announced that it sought legal action against former employees involved in the accounting scandal and wanted to regain R450m of the stolen money.
The JSE-listed sugar production company is desperate to recover from the scandal, which has damaged their share prices. They have taken separate civil action against the former executives in this regard.
South Africans react to Tongaat Hulett accounting scandal
@ndala_ka asked:
"Where do they live, market price of their houses and cars? Where do their children go to school? How many parties they threw over the festive?"
@llekoc remarked:
"The biggest fraud in the history of SA."
@LeboMbuso said:
"Great. Now, Steinhoff."
@SbOshizzi shared:
"Wow!"
@ProTwoolz believes:
"Jail is not for wealthy people in S.A."
Mokwena claims ill health, begs for bail in PPE fraud case
Speaking of fraud cases, Briefly News reported earlier that Lieutenant-General Johannes Mokwena, aged 61, appeared in the Palm Ridge Magistrate's Court in Gauteng for a sitting of the Specialised Commerical Crimes Court along with 14 co-accused in connection with PPE corruption.
During the hearing, Mokwena told the court that he was seriously ill and that if he spent any longer in prison, he would die due to the conditions. He added that his 19-year-old daughter is his only motivation to stay alive. Mokwena's daughter is 19 and in her first year of actuarial science at university.
Mokwena previously worked as the head of police supply chain management. He is accused of defrauding the South African Police Service (SAPS) out of an estimated R1.9 million via fraudulent PPE tenders.
Source: Briefly News
