THREE ACCUSED SENTENCED TO 15 YEARS EACH FOR DEFRAUDING JOHANNESBURG STOCK EXCHANGE AND SAMANCOR FOUNDATION
The Mokopane Regional Court has convicted and sentenced Dimakatso Prudence Ramakgole(34), Seatile Pauline Senoamadi(44) and Motsiri Peter Ramahlarerwa(58), to 15 years direct imprisonment each for defrauding the Johannesburg Stock Exchange (JSE) and SAMANCOR of funds amounting to R190 million. During the trial, the court heard how the syndicate operated in their capacity as ABSA bank employees in Limpopo and Gauteng when they accessed the portfolios of JSE Trustees and Samancor Foundation without authorisation.
On 26 July 2019, near Lephalale, the accused unlawfully, falsely and with intent to defraud, and misrepresent to Samancor Foundation or ABSA, that they were authorised to transfer an amount of R2.9 million, made changes to the JSE’s banking portfolio and added their own. On 12 August 2019, a transfer of R30 million was made from Samancor Foundation, and on 23 September 2019, an overall amount of over R158 million. In mitigation of sentence, the defence lawyer of the accused submitted that the court should depart from the prescribed minimum sentence as the accused were first time offenders and they showed remorse.
In aggravation of the sentence, State Adv. Sammy Mogoshi submitted that the accused committed a serious offence, which involved different role players, and this is an indication that they do not respect the law. Mogoshi further told the court that fraud poses a serious threat to our economy and democratic state and cases of this nature are of national concern. There is a huge cry in society that the courts must address fraud by imposing appropriate sentences. He further submitted to the court to impose a custodial sentence to deter the accused and other would-be offenders from committing crimes of this nature. ABSA had to reimburse JSE and Samancor Foundation a joint amount of R191 108 910.46
The court agreed with the state that fraud as a white-collar crime is a national concern, and the only appropriate sentence is a custodial sentence. The court sentenced them to 15 years imprisonment each. The NPA welcomes the sentence and hopes that the sentence will deter other would-be offenders from committing such crimes, and further restore confidence in the justice system.
Director of Public Prosecutions, Adv. Ivy Thenga, congratulates the good work of Adv. Sammy Mogoshi and Captain Herman Els from the Directorate for Priority Crime Investigation (DPCI).
