Two arrested for alleged embezzlement of millions of rands

By Khanyisa Tabata
03 December 2011

Two Cape Town businessmen are being probed by the Hawks’ commercial crimes unit for alleged embezzlement of millions of rands.

A senior police spokesperson says investigators are in possession of sensitive documentation which points to a 50-year-old Cape Town company director who allegedly committed tax-related fraud involving nearly a million rands.

He is also linked to invoice fraud involving seven million rands pertaining to two companies.

The second company director, a 42-year-old man, allegedly siphoned a large amount of cash from an empowerment trust into his personal account.

The spokesperson says allegations against this man amount to theft from the trust and its assets involving 15-million rands.

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