Absa Bank Employees Sentenced to 15 Years in Jail for R190M JSE Fraud

The Mokopane Regional Court in Limpopo sentenced three Absa bank employees to 15 years behind bars for defrauding the JSE and Samancor of millions. Motsiri Peter Ramahlarerwa, 58, Seatile Pauline Senoamadi, 44, and Dimakatso Prudence Ramakgole, 34, were convicted this week of fraud of R190 million, as reported by IOL.

During the trial, prior investigations revealed how the group used their credentials as Absa bank employees in Gauteng and Limpopo when they accessed the portfolios of Samancor Foundation and JSE Trustees without authorisation. As a result, the trio misrepresented that they received approval to transfer R2.9m, changed the JSE’s banking portfolio, and added their own. For example, in the first incident on July 26, 2019, and on August 12 2019, they transferred R30m from Samancor Foundation, and on September 23 2019, an overall amount of over R158m.

Absa had to reimburse Samancor Foundation and JSE a joint amount of R191,108,910.46. The three accused’s defence lawyer asked the court to refrain from the prescribed sentence as the trio were remorseful first-time offenders. However, the State stressed that fraud posed a severe economic threat and concerned the nation.

State advocate Sammy Mogoshi stated there was a massive demand that the courts address fraud appropriately by imposing justified sentences. The court concurred and recommended the only appropriate action is to give a custodial sentence. “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.” said Malabi-Dzhangi.

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Picture: Twitter / AfricaFactsZone