Our aim is to be one of the leading South African online news platform. More suspects are expected to appear in court soon. Four suspects recently appeared before the Johannesburg Magistrates Court on racketeering and fraud charges linked to the scam that saw Sasol defrauded of R279 million.The masterminds behind this quarter-billion rand heist, Pragasen Reddy (40), Siviwe Mafanya (55), Sibusiso Khumalo (48) and Douglas Rikhotso (41), were released on R15 000 bail each.Two other suspects could not make the scheduled court appearance. The suspects were also ordered to hand over their passports. According to 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. Week 11 Results (24 April 2018) - Recap of Week 11's Results; Week 10 Results (17 April - 19 April 2018) - Recap of Week 10 Results They were taken directly to court, where they were each granted R15 000 bail. Estimated reading time: 5 minute(s) Police confirm an arrest of four suspects on allegations of defrauding Sasol with R 279 million. Page3 Online News.SA Covid-19 cases nears 16 000 fatalities,What you can and can’t do under Covid-19 alert level 1,Premier Makhura launches a district hospital transformed from a clinic,[Watch] A lawyer drops over 15 F-bombs to the judge,Two life sentences for Philip Mailula charged with rape and murder of a 9 years old,Bawinile Khoza’s murder accused Philip Mailula from Mmametlhake to appear in court. Police confirm an arrest of four suspects on allegations of defrauding Sasol with R 279 million.The arrest was conducted by Hawks Serious Commercial Crime Investigation on Wednesday where suspects Pragasen Reddy (40), Siviwe Mafanya (55), Sibusiso Khumalo (48) and Douglas Rikhotso (41) also made a court appearance and were released on R 15 000.00 bail each.“It is alleged that between January and June 2011, a former Hyde Park First National Bank (FNB) Manager issued bank guarantees in favour of Lavela Petroleum Pty Ltd and Imvuselelo Petroleum and Gas to increase their credit facility to buy fuel from Sasol Oil. 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. As recovery ...The published Covid-19 alert level 1 restrictions are set to be effective as of 21 September 00:01am. ",https://www.news24.com/news24/southafrica/news/suspects-arrested-for-allegedly-defrauding-sasol-to-the-tune-of-r279-million-20200723. Four people, including two companies, appeared briefly in the Johannesburg Magistrate’s Court on charges of racketeering, […] "It is alleged that between January and June 2011, a former Hyde Park FNB manager issued bank guarantees in favour of Lavela Petroleum and Imvuselelo Petroleum and Gas to increase their credit facility to buy fuel from Sasol Oil. The bank guarantees were allegedly obtained by bribing a now former FNB branch manager who wasn't authorised to provide such guarantees.The accused were also ordered to hand over their passports.
The arrest was conducted by Hawks Serious Commercial Crime Investigation on Wednesday where suspects Pragasen Reddy (40), Siviwe Mafanya (55), Sibusiso Khumalo (48) and Douglas Rikhotso (41) also made a court appearance and were released on R 15 … Mr Pragasen Reddy (40), Siviwe Mafanya (55), Sibusiso Khumalo (48) and Douglas Rikhotso (41) were arrested by the Hawks Serious Commercial Crime Investigation on Wednesday and taken directly to court where they were each granted R15 000 bail. The suspects were also ordered to hand over their passports. Movement of persons ...Black Leopards smash Ajax Cape Town's dreams of making it back to the Premier Soccer League (PSL) after after winning ...Gauteng Premier David Makhura together with acting health MEC Jacob Mamabolo and infrastructure MEC Tasneem Motara have launched what the ...Watch del that has been making rounds on social media about a lawyer Darren Sampson dropping F*** bomb at the ...Health ministry surpasses 4 000 000 successful tests and confirms just over 2000 positive cases in the last 24 hours ...Mbokola Magistrates Court heard the bad ordeal about how the 9 Bawinile Khoza met her fateful day where she was ...Family of the late Bawinile Khoza from Mmametlhake forced to relive the pain of losing their daughter who was brutally ...Suspects arrested for defrauding Sasol of R 279million,Couple Defraud the Municipality of R 2.3 Million and use Municipal money to Settle Personal Loan,Covid-19 cases increase by 30 682 in 3 days in SA,NPA welcomes life sentence of a 29 years old man who raped an 82 years old woman in Mpumalanga.Your email address will not be published.Copyright 2016-2020 All rights reserved. The other resides in Cape Town and non-essential travel restrictions are still in place under Level 3 Lockdown.According to Hawks spokesperson Brigadier Hangwani Mulaudzi, all six suspects in the racketeering charge played a hand in defrauding Sasol of R279 million, and so did First National Bank (FNB), inadvertently.Based on the evidence, it is believed that between January and June 2011, a former FNB bank manager from the Hyde Park branch, in Johannesburg, colluded with the suspects in issuing a falsified bank guarantee letter for Lavela Petroleum Pty Ltd, Imvuselelo Petroleum and Gas, and an unnamed entity owned by the suspect in self-isolation (suspects who have not made a court appearance can’t, by law, be identified by name).A bank guarantee letter is a means of proof that the lender (in this case, FNB) will ensure that the liabilities of the debtor (the three companies listed above) will be met.In other words, the FNB bank manager, using the falsified bank guarantee letter, increased the companies’ credit facility “to buy fuel from Sasol Oil,” at the tune of R279 million.A financial paper trail links the suspect in quarantine to a kickback payment to the rogue bank manager for services rendered and it’s believed that the transaction between the joint entities and Sasol took place.However, it all fell apart when “FNB discovered that the guarantees were falsified and refused to honour them.”.Drawing the shortest stick, Sasol took the quarter-billion rand loss and the case was handed over to the Hawks, who, in the last nine years, have been piecing together the intricacies of the sophisticated scam.The suspects are facing three charges of racketeering, eight charges of fraud and two charges of corruption.
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