TWO high-ranking businessmen have handed themselves over to Sandton police yesterday to face allegations of fraud and money laundering dating back five years.
The individuals in question are Sekwame Gilbert Mosena, aged 63, the Chief Executive Officer of Silver Vanity, and Tselane Mary Baggot, aged 51, the Director and company secretary of Silver Vanity. They presented themselves at the Sandton SAPS on Wednesday.
According to Colonel Katlego Mogale, the provincial police spokesperson, the duo appeared before the Palm Ridge Specialised Commercial Crimes Court, where they faced charges of theft and money laundering.
Mogale explained that the charges stem from an incident in 2015 when Zakhumzi Construction (Pty) Ltd entered into a service level agreement with Silver Vanity Investment (Pty) Ltd to manage and maintain properties owned by Silver Vanity.
"It is alleged that during August 2018, the Department of Public Works paid R14,000,000 in rental fees to Zakhumzi Construction (Pty) Ltd, including escalations," Mogale elaborated. "Zakhumzi is accused of misappropriating and laundering the rental funds without distributing them to the shareholders of Silver Vanity."
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 have been ordered to appear in the same court on August 24. Mogale also indicated that further arrests are anticipated as the investigation progresses.