Johannesburg - The investigative directorate of the Office of Serious Economic Offences and the South African Revenue Service yesterday raided the offices of Wheels of Africa, the motor group incorporating Hyundai Motor Distributors (HMD), Swedish Truck Distributors and South African Botswana Hauliers, to investigate allegations of theft and fraud against the companies and co-owner and founder Muller Conrad (Billy) Rautenbach.
Sipho Ngwema, a spokesman for the office of the national director of public prosecutions, said the search related to the three member companies and related entities over the period from 1992 to May 1999.
The inquiry related to the alleged theft of R15 million by Rautenbach from HMD between 1994 and May this year and the misrepresentation of share capital and share premium account of HMD in its financial statements and management accounts.
Rautenbach could not be reached for comment.
Ngwema said other alleged charges included: "The double discounting of vehicles by SA Botswana Hauliers and HMD at Bankfin; the transfer of funds from HMD and Swedish Truck Distributors to offshore entities; and allegations of corrupt payment made to officials at banks that provided credit to HMD."
The search covered the group`s head offices as well as Rautenbach`s home in Sandhurst and certain of his private aircraft, said Jan Swanepoel, the director of the Office of Serious Economic Offences.
"The investigation is of a preparatory nature to enable the (office) to determine whether or not there are reasonable grounds to conduct a full inquiry."
However, Swanepoel said the fact that "the searches were conducted did not mean that any person or company involved was guilty of any offence".
Johan van der Merwe, the Bankfin general manager, said he had no knowledge of the allegations against Bankfin and would have to investigate the matter.
Teresita van Gaalen, a spokesman for Wheels of Africa, said the issue was an "historical one" and did not concern current operations. "The investigators are looking at key people`s documents within the firm but we have no clue as to what they hope to find."
Reinhard Kunstler, the chief executive officer of the Wheels Automotive Group, said the group would cooperate fully with the authorities and it would be business as usual at Hyundai.