NPA-KZN
Six former Tongaat Hulett Senior executives have been charged with fraud amounting to a staggering R3.5 billion.
They appeared in the Durban Specialised Commercial Crimes Court on Thursday on charges of fraud and on charges of contravention of the Financial Markets Act, Companies Act and Prevention of Organised Crime Act.
NPA regional spokesperson Natasha Ramkisson-Kara says the 7th accused, Gavin Dykes Kruger, who was a registered auditor and engagement partner at Deloitte and Touche, was also charged with contravention of the Auditing Professions Act.
She named the six Tongaat Hulett executives as Peter Staude, Murray Hector Munro, Michael Edward Deighton, Rory Edward Wilkinson, Kamasagrie Singh, and Samantha Shukla.
It is alleged that between March 2015 and September 2018 the accused acted in common purpose to misrepresent Tongaat Hulett Limited, its employees, creditors and shareholders that the revenue that was derived from land sales was the correct value and correctly reflected in the financial reports when in fact they had backdated sale agreements.
This resulted in incorrect profits being declared and the managers receiving huge bonuses.
In court on Thursday morning, the seven were granted bail of R30 000 each with strict conditions.
The matter returns to court on the 11th of April.
