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A subsidiary of African Equity Empowerment Investments (AEEI), a JSE holding company majority-owned by a vehicle owned by the colourful Dr Iqbal Survé, has seen a large sum of money transferred from its bank account in an apparent fraud.
There is no explanation, nor has any culprit been identified.
According to an announcement to the JSE on Monday, AEEI subsidiary Premier Fishing and Brands (not to be confused with the far larger Premier Group) was “the subject of a fraud that resulted in the transfer of $820 000 from its bank account to a third party”.
In its annual financial statements published in December, it disclosed that this occurred “on or about 15 November”.
At around R18.50 to $1 (where the currency was trading then), the sum is equal to nearly R15.2 million.
In December, the group noted that “a criminal case has been opened with the South African Police Services”.
It also said there “are various investigations taking place, including with the view to instituting disciplinary proceedings against one or more company employees, and efforts are being made to recover the funds”.
In Monday’s announcement, which refers to the events obliquely as a “cybercrime at subsidiary”, it confirmed that “following a thorough investigation and disciplinary proceedings, the CEO of Premier Fishing was found guilty of negligence, and appropriate action has been taken in this regard”.
The announcement is not clear on whether the CEO of this subsidiary has been fired or fined.
It says, “Efforts to recover the misappropriated funds are ongoing, and the board of directors of AEEI is committed to exploring all available avenues for their recovery”.
For more on this story visit moneyweb.co.za
