EL businessman pleads guilty to 779 charges of fraud

21 Jul 2016 | Admin Author

An East London man charged with defrauding a group of companies of R71 million has pleaded guilty .

The 53-year-old Henry Louis Schreuder pleaded guilty on 779 counts of fraud.

The suspended Chief Financial Director (CFD) of Floorworx, a company based at Wilsonia in East London, between 2005 and 2015 defrauded this company, which is attached to Accéntuate, of a total of R71 million. Schreuder was the(CFD) of this company which supplies carpet flooring solutions.

He would upload fictitious creditors on the company’s system and authorise their payments.

The company’s head office in Johannesburg would then approve this payment since he had authorised it, furthermore, the payment would be transferred into Schreuder’s private bank account and he would then transfer a portion of this money into his wife and son’s bank accounts.

According to police he purportedly gambled a portion of this amount and also bought luxury items like cars, jewellery and Persian carpets.The Asset Forfeiture unit only recovered about a million rand.He will be sentenced on the 13th of September 2016.