Eastern Cape accountant Jonathan Blow who was found guilty of siphoning R50 million was dealt another ‘blow’ this week.
The Gqeberha High Court granted a preservation order for his shares worth R1.8 million, the Directorate for Priority Crimes Investigations (known as the Hawks) said.
The 52-year-old former accountant and sole director of PE Accounting Solutions (PEAS) was arrested in March this year on charges of theft and fraud from his clients, Sunridge Superspar and Despatch Superspar.
Explaining the charges, Hawks spokesperson Captain Yolisa Mgolodela said during the period of July 3, 2020, and September 19, 2022, Blow was appointed as the accounting officer for the two businesses.
“He was given full access and administration rights to the two entities trading bank accounts used in the operation of the businesses in order to effectively render the aforesaid services.
“In addition to the fees for which he had invoiced the businesses, he intentionally and unlawfully transferred cash to the value of more than R40 million from Sunridge Superspar and more than R11 million from Despatch Superspar to his bank account.”
In September this year, Blow was convicted by the Specialised Commercial Crimes Court in Gqeberha.
Sentencing is expected to take place on November 23.
He has also been struck off the roll of SAICA (South African Institute for Chartered Accountants).
Speaking about the preservation order, Mgolodela said the Asset forfeiture Unit (AFU) of the National Prosecution Authority (NPA) secured the granting of the preservation order of his more than R1.8 million shares from his business with his business partner.
“His business partner bought him out, and the money is under preservation awaiting the granting of a forfeiture order and transfer to the Criminal Asset Recovery Account (CARA) for State use.”