Durban – Three Absa bank employees convicted of defrauding the JSE and Samancor of millions have been sentenced to 15 years behind bars.
Dimakatso Prudence Ramakgole, 34, Seatile Pauline Senoamadi, 44, and Motsiri Peter Ramahlarerwa, 58, were convicted this week in the Mokopane Regional Court in Limpopo of fraud of R190 million.
NPA provincial spokesperson Mashudu Malabi-Dzhangi said during the trial it was revealed how the syndicate operated in their capacity as Absa bank employees in Limpopo and Gauteng when they accessed the portfolios of JSE Trustees and Samancor Foundation without authorisation.
In the first incident on July 26, 2019, the trio misrepresented that they were authorised to transfer an amount of R2.9m and made changes to the JSE’s banking portfolio and added their own.
“On 12 August 2019, a transfer of R30m was made from Samancor Foundation, and on 23 September 2019, an overall amount of over R158m,” said Malabi-Dzhangi.
Absa had to reimburse JSE and Samancor Foundation a joint amount of R191 108 910.46
The defence lawyer of the three accused asked the court to deter from the prescribed sentence as the trio were first-time offenders who were remorseful.
However the State argued that fraud posed a serious threat to the economy and was a national concern.
State advocate Sammy Mogoshi said there was a huge cry in society that the courts must address fraud by imposing appropriate sentences.
“The court agreed with the State that fraud as a white-collar crime is a national concern, and the only appropriate sentence is a custodial sentence,” Malabi-Dzhangi said.
“The NPA welcomes the sentence and hopes that the sentence will deter other would-be offenders from committing such crimes, and further restore confidence in the justice system.”
IOL