Former Cell C executive, accused in R130m fraud case, released on R50 000 bail
DURBAN — Former Cell C executive Mohamed Ismail Adamjee, who is accused of orchestrating an elaborate scam that cost his employer R130 million, has been released on R50 000 bail.
He appeared in the Johannesburg Specialised Crimes Court earlier today.
National Prosecutions Authority spokesperson for the Gauteng local division, Phindi Mjonondwane, said Adamjee was charged with fraud and corruption relating to inflating invoices submitted by information technology (IT) service providers, resulting in losses amounting to R130m by the network provider, Cell C.
According to reports, between 2012 and 2019, Adamjee allegedly colluded with a director contracted to Cell C to inflate invoices.
Adamjee is also not allowed to put the house which is in his wife's name on the market during the period of the trial and is not allowed to travel out of Gauteng.
The court ordered Adamjee to hand over his passport to the investigating officer until finalisation of the matter.
The case was postponed to April 14 2021 for further investigations.
According to IT Web, the case comes comes at a time Cell C is facing serious financial challenges, as evidenced by the company’s recent performance.
Cell C recorded R7.5 billion net loss after tax in the six months ended June 2020. The current losses were preceded by a massive double-digit drop in its subscriber base; however, Cell C remains optimistic and is forging ahead with its restructuring strategy to optimise operations.