Suspects nabbed for allegedly defrauding Sasol of R279m

Suspects nabbed for allegedly defrauding Sasol of R279m

Four people, including two companies appeared before the Johannesburg Magistrate’s Court on charges of racketeering, corruption and fraud.

They allegedly defrauded Sasol of R279 million by using invalid bank guarantees.

The bank guarantees were reported to be obtained by bribing a now former FNB branch manager who wasn’t authorised to supply them.

According to the police spokesperson Brigadier Hangwani Mulaudzi, Pragasen Reddy, 40; Siviwe Mafanya, 55; Sibusiso Khumalo, 48; and Douglas Rikhotso, 41; were arrested by the Hawks’ Serious Commercial Crime Investigation Unit on Wednesday. They were taken on to court, where they were each granted R15,000 bail.

The accused were also ordered handy over their passports.

Two other suspects couldn’t appear in court, one thanks to Covid-19 quarantine restrictions and therefore the other resides in Cape Town but, they’re putting efforts to secure the suspect’s court appearance in Johannesburg.

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Mulaudzi said: “The suspect who is currently under quarantine allegedly formed a venture between Lavela Petroleum, Imvuselelo Petroleum and Gas and his own company.

“He didn’t have any trading affect Sasol. He allegedly facilitated the fabrication of false bank guarantees by Reddy for the three entities and made payments within the sort of kickbacks to the director .”

Sasol had a loss of R279-million loss as FNB discovered that the guarantees were falsified and refused to honour them.

The accused face three charges of racketeering, eight charges of fraud and two of corruption. they’re to seem within the same court on October 1.