Cape Town - The Bellville Commercial Crimes Court has sentenced Shaun Norman Currin who is a former CEO of Oro Africa to an effective nine-year imprisonment for theft, fraud, and money laundering.
He was sentenced to a total of 49 years imprisonment, but the court ordered some sentences to run concurrently resulting in an effective 9-year direct imprisonment.
Currin who is the former CFO of one of the biggest jewellery wholesalers and distributors of gold and diamond jewellery to independent retailers and national chain stores was further convicted on 32 counts of fraud, a count of theft and a count of money laundering.
The court learnt that Currin started as Oro Africa Group Financial Manager in August 2010, and he was then promoted to a Chief Financial Officer in September 2012.
In 2015, employees within the company noticed irregularities, committed by another employee, with payments to suppliers and brought that to the attention of Ms Van Huyssteen.
During the court proceedings it was also revealed that Currin was asked to explain why he did not notice the irregularities about the employee as she reported to him and he failed to explain.
The company found the accused’s behaviour suspicious and decided to review the company’s financial records and noticed an unauthorised loan account in the accused’s name in the accounting records of Oro Africa.
During the trial, State Advocate Denzyl Combrink, argued that the loan account was never authorised by any of the directors of the company, thus the accused unlawfully transacted against a personal loan account created in the general ledger of Oro Africa.
“He was contacted and confronted about the suspected misappropriation of funds. He promised to, but never responded to the allegations levelled against him,”
“Subsequently, it was discovered he created multiple fraudulent entries into this unlawful loan account, made false narrations on the bank accounts of Oro Africa, petty cash payments were unaccounted for, and personal expenses were incurred on company costs by the accused.
“Due to these fraudulent actions by the accused, the company requested that a forensic audit be conducted to determine the losses suffered by Oro Africa. As a result of the accused’s unauthorized and fraudulent transactions depicted infra the complainant suffered an actual loss of R7. 855m,” he added.
Currin pleaded not guilty to all the main and alternative counts but was convicted on all the main counts.
Meanwhile, the Director of Public Prosecutions in the Western Cape, advocate Nicolette Bell said she welcomed the sentence handed down and commended the investigation and prosecution teams for ensuring that those who engaged in white-collar crime had their day in court and received sentences that fit the crimes they committed.
IOL