Ithala finance executive in court over allegations he benefited from R1m ’unlawful payment’
Durban - The Hawks confirmed a business finance executive director employed by Ithala Development Finance Corporation (IDFC) is due to appear in the Durban Magistrate’s Court next month charged with fraud.
According to Hawks spokesperson, Simphiwe Mhlongo, it is alleged that IDFC awarded a loan of R30 221 524 to an applicant who was purchasing assets of Port Shepstone Quarry (PSQ) in 2013.
“The accused allegedly facilitated the processes and was nominated to represent the IDFC as one of the directors in the PSQ.
“The accused allegedly received director’s fees to the amount of over a million rand between January 2015 and January 2017.
“As an employee of the IDFC, he was not entitled to the payment as he was receiving his monthly salary from the IDFC,” explained Mhlongo.
He said subsequently on Friday the accused was served with a summons to appear in court.
The KwaZulu-Natal Directorate for Priority Crime Investigation Provincial Head, Major General Leseja Senona, applauded the investigating team for presenting “a well investigated case docket before the magistrate.”
He added: “It is our constitutional mandate to intensively investigate cases of this nature, the accused is now presented with an opportunity to give his side of the story before court.”