Racketeering charges for former Tongaat Hulett executives
Former Tongaat Hulett executives are now facing charges of racketeering relating to the alleged R3.5bn scam, in which they are said to have misrepresented land sales on the sugar giant's annual financial statements, duping the market that the company was financially sound, reports Fin24.
The six, former Tongaat CEO Peter Staude, ex-CFO Murray Munro, former managing director of Tongaat Hulett Developments Michael Deighton, ex-Tongaat Hulett Developments planning director Rory Wilkinson, legal executive Kamlasagrie Singh and financial executive Samantha Shukla made another brief appearance in Durban’s Commercial Crime Court yesterday.
They were joined in the dock by Deloitte auditor Gavin Kruger.
Kruger is facing charges of contravening the Auditing Professions Act, believed to be the first such charge in the country.
Yesterday, they were served with an indictment to appear in the KZN High Court (Durban) on 15 September when trial dates are expected to be set.
All the accused are facing charges of fraud relating to 69 purchase and sale agreements involving R3.5bn.
The accused are all on bail.
Some are also facing civil claims by Tongaat amounting to about R450m in an attempt by the company to recoup monies lost through the alleged fraud.
Article disclaimer: While we have made every effort to ensure the accuracy of this article, it is not intended to provide final legal advice as facts and situations will differ from case to case, and therefore specific legal advice should be sought with a lawyer.
