Three Absa employees have a new home in jail after they were found guilty of defrauding the JSE and Samancor of R190-million.
The convicted fraudsters – Dimakatso Prudence Ramakgole, 34, Seatile Pauline Senoamadi, 44, and Motsiri Peter Ramahlarerwa, 58, were handed a 15-year prison sentence when they appeared at the Mokopane regional court in Limpopo on Tuesday.
Mashudu Malabi-Dzhangi, provincial spokesperson for the National Prosecuting Authority (NPA), said it was revealed during trial how the syndicate operated in Limpopo and Gauteng, noting that the bank employees accessed the portfolios of JSE trustees and Samancor Foundation without authorisation.
She said in the first incident, which occurred in July 2019, the trio lied about being authorised to transfer R2.9-million, made changes to the JSE’s banking portfolio, and added their own.
“On 12 August 2019, a transfer of R30-million was made from Samancor Foundation, and on 23 September 2019, an overall amount of over R158-million [was transferred],” said Malabi-Dzhangi.
Absa had to reimburse the stock exchange and Samancor Foundation a joint amount of R191 108 910.46.
The accused lawyer pleaded with the court not to hand down the prescribed sentence, arguing that his clients are first-time offenders and have displayed remorse.
However, state advocate Sammy Mogoshi begged to differ and told the court that fraud poses a serious threat to the economy and that said such cases are of national interest.
Mogoshi said the only way to combat fraud is by imposing appropriate sentences.
The court agreed with Mogoshi that fraud as a white-collar crime is of national concern, and that the only appropriate sentence is a custodial sentence.
“The NPA welcomes the sentence and hopes that it will deter other would-be offenders from committing such crimes, and further restore confidence in the justice system,” said Malabi-Dzhangi.
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