CHIEF EXECUTIVE OFFICER AND COMPANY DIRECTOR GRANTED BAIL

CHIEF EXECUTIVE OFFICER AND COMPANY DIRECTOR GRANTED BAIL

PRETORIA – Sekwame Gilbert Mosena (63), the Chief Executive Officer (CEO) of Silver Vanity and the current Acting President of National African Federated Chamber of Commerce & Industry (NAFCOC) and Tselane Mary Baggot (51) the Director and company secretary of Silver Vanity, both handed themselves to the Serious Economic Offences team at Sandton Police Station yesterday, 12 July 2023. The two subsequently appeared in the Palm Ridge Specialised Commercial Crimes Court facing charges of theft and money laundering.

It is alleged that around 2015, Zakhumzi Construction (Pty) Ltd (Zakhumzi), entered into a service level agreement with Silver Vanity Investment (Pty) Ltd, to manage and maintain the properties belonging to the latter. During August 2018, the Department of Public Works paid R14 000 000 (fourteen million rand) rental to Zakhumzi Construction (Pty) Ltd as back payment including escalations. Zakhumzi misappropriated and laundered the rentals without disbursing the shareholders of Silver Vanity.

Mosena and Baggott were both granted R10 000 bail each and are expected back in the same court on the 24 August 2023. The investigation continues and more arrests are expected.