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.
The National Prosecuting Authority welcomed the sentences handed to Dimakatso Prudence Ramakgole, 34, Seatile Pauline Senoamadi, 44, and Motsiri Peter Ramahlarerwa, 58, and said it hoped the sentence will deter other would-be offenders from committing such crimes.
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 Samancor Foundation without authorisation.
NPA spokesperson Mashudu Malabi-Dzhangi said that on July 26 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 said.
She said in mitigation of sentence, the defence lawyer submitted that the court should depart from the prescribed minimum sentence as the accused were first-time offenders and showed remorse.
However, in aggravation of sentence, state advocate Sammy Mogoshi submitted that the accused committed a serious offence which involved different role players, and this was an indication that they did not respect the law.
“Mogoshi further told the court that fraud poses a serious threat to our economy and democratic state and cases of this nature are of national concern. There is a huge cry in society that the courts must address fraud by imposing appropriate sentences.
“He asked the court to impose a custodial sentence to deter the accused and other would-be offenders from committing such crimes. Absa had to reimburse the JSE and Samancor Foundation a joint amount of R191,108,910.46,” said Malabi-Dzhangi.
Malabi-Dzhangi said the court agreed with the state that fraud as a white-collar crime is a national concern, and the only appropriate sentence is a custodial sentence.
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Three bank employees sentenced to 15 years in jail for R190m fraud
Image: 123RF/EVGENYI LASTOCHKIN
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.
The National Prosecuting Authority welcomed the sentences handed to Dimakatso Prudence Ramakgole, 34, Seatile Pauline Senoamadi, 44, and Motsiri Peter Ramahlarerwa, 58, and said it hoped the sentence will deter other would-be offenders from committing such crimes.
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 Samancor Foundation without authorisation.
NPA spokesperson Mashudu Malabi-Dzhangi said that on July 26 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 said.
She said in mitigation of sentence, the defence lawyer submitted that the court should depart from the prescribed minimum sentence as the accused were first-time offenders and showed remorse.
However, in aggravation of sentence, state advocate Sammy Mogoshi submitted that the accused committed a serious offence which involved different role players, and this was an indication that they did not respect the law.
“Mogoshi further told the court that fraud poses a serious threat to our economy and democratic state and cases of this nature are of national concern. There is a huge cry in society that the courts must address fraud by imposing appropriate sentences.
“He asked the court to impose a custodial sentence to deter the accused and other would-be offenders from committing such crimes. Absa had to reimburse the JSE and Samancor Foundation a joint amount of R191,108,910.46,” said Malabi-Dzhangi.
Malabi-Dzhangi said the court agreed with the state that fraud as a white-collar crime is a national concern, and the only appropriate sentence is a custodial sentence.
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