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Gauteng CEO Faces R14m Money Laundering Claims
Two high-ranking businessmen, Sekwame Gilbert Mosena, CEO of Silver Vanity, and Tselane Mary Baggot, Director and company secretary of Silver Vanity, voluntarily surrendered to the Sandton police to face fraud and money laundering charges dating back five years as reported by IOL.
Colonel Katlego Mogale, the provincial police spokesperson, stated that the duo appeared before the Palm Ridge Specialised Commercial Crimes Court to answer to theft and money laundering charges.
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The allegations stem from a 2015 incident in which Zakhumzi Construction (Pty) Ltd entered a service-level agreement with Silver Vanity Investment (Pty) Ltd for property management. In August 2018, the Department of Public Works allegedly paid R14,000,000 in rental fees to Zakhumzi Construction, including escalations. Mogale explained that Zakhumzi is accused of misappropriating and laundering the rental funds without distributing them to Silver Vanity shareholders.
Mosena, who currently serves as the Acting President of the National African Federated Chamber of Commerce & Industry (NAFCOC), and Baggott were granted bail of R10,000. They are required to appear in court on August 24. Mogale also indicated that further arrests are expected as the investigation progresses.
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