A Free State tycoon was on Monday sentenced to eight years behind bars suspended for five years for contravening the Tax Administration Act after he robbed the SA Revenue Service (SARS) of about R1.4-million.
Nkosana Sibeko, 42, who owns Cybko Trading CC, appeared at the Bethlehem Commercial Crime Court and was found guilty of tax evasion. A preliminary investigation by SARS uncovered that Sibeko and his company’s fraudulent activities took place between 2012 and 2015.
Police spokesperson Captain Christopher Singo said: “The court sentenced Sibeko to eight years imprisonment wholly suspended for five years on condition that he repays SARS the amount of R925 000 on a yearly instalment of R185 000 until the whole amount is fully paid.
“His company was sentenced to a fine of R2-million wholly suspended for five years on condition that it must repay SARS the amount of R490 000 on a monthly instalment of R8 000 until the whole amount is fully paid.”
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