Cape Town accountant sentenced to 15 years in jail after stealing R17.4 million from the travel company she worked for

"a loss of R17.4 million from January 2019 to June 2024"

I have some serious questions about the thoroughness of their accountants. And the company must have made quite a lot of money if that amount could be embezzled without it being picked up sooner.
 
Something weird is going on, this ladies face has been scrubbed from all the articles, they show in the Google search links but not when you click on them. This was the only article that showed her pic apparently gambling was involved.

"Cassandra Labuschagne worked with a high-end, luxury safari tour operator and destination management company (DMC) based in Cape Town, Western Cape, South Africa"

shore.africa

South African accountant Cassandra Labuschagne gets 15-year jail term over $1 million theft

South African accountant Cassandra Labuschagne receives 15 years in prison for stealing R17.3 million ($1.04 million) from her employer through banking fraud.
shore.africa shore.africa

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geezer said:
"a loss of R17.4 million from January 2019 to June 2024"

I have some serious questions about the thoroughness of their accountants. And the company must have made quite a lot of money if that amount could be embezzled without it being picked up sooner.
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It’s all relative to their income, it was taken over 5yrs so roughly R3.5 million per year. The invoices would have looked legit because she was sending the money to shell companies she had established, you'd hope they would have picked it up sooner but it’s not always so easy when the pilfering is done in that manner, that's why very strict procurement controls are always needed.

I wonder how much they managed to recover, the articles I found don't mention that.
 
ghaye said:
You have a warped sense of the value of the ZAR.
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maybe so, but I know if I stole millions I wouldn't be staying in SA just waiting for people to add everything up and catch me,
Id long ago buy citizenship, flee the country and change identity long ago

but like I said earlier, Saffers dont think a few moves ahead.
 
Jet-Fighter7700 said:
maybe so, but I know if I stole millions I wouldn't be staying in SA just waiting for people to add everything up and catch me,
Id long ago buy citizenship, flee the country and change identity long ago

but like I said earlier, Saffers dont think a few moves ahead.
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With that amount of money where will you flee to? Zimbabwe?
 
Jet-Fighter7700 said:
maybe so, but I know if I stole millions I wouldn't be staying in SA just waiting for people to add everything up and catch me,
Id long ago buy citizenship, flee the country and change identity long ago

but like I said earlier, Saffers dont think a few moves ahead.
Click to expand...

No you wouldn't because you wouldn't have enough.
 
I've seen so many of these cases in the media where the accountant/bookkeeper slowly pilfers millions of rands from the company they work for over multiple years by changing bank details, redirecting invoices, etc, etc. But it always baffles me because these people must know in their heart of hearts that eventually they will be found out, it's just a matter of time. Eventually an auditor or financial director is going realise that there is a deep hole in their balance sheet. The psychology of how they think they are going to get away with it baffles and intrigues me.
 
deweyzeph said:
I've seen so many of these cases in the media where the accountant/bookkeeper slowly pilfers millions of rands from the company they work for over multiple years by changing bank details, redirecting invoices, etc, etc. But it always baffles me because these people must know in their heart of hearts that eventually they will be found out, it's just a matter of time. Eventually an auditor or financial director is going realise that there is a deep hole in their balance sheet. The psychology of how they think they are going to get away with it baffles and intrigues me.
Click to expand...
Can only comment on one aspect where I know of someone who did this, it usually starts with intentions of "

i''ll just take a bit to help me through a difficult time and then I'll pay it pack before anyone notices" .
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And then it it happens again and again and it snowballs, the people know it's wrong and are bound to get caught but the sum has become too much to ever repay so they just double down and enjoy their lives until reality catches up to them. Look at how someone like Elizabeth Holmes, lived the high life on fraudulent claims with Theronos, they simply blank out what will happen when the house of cards falls.
 
Cray said:
Can only comment on one aspect where I know of someone who did this, it usually starts with intentions of "


And then it it happens again and again and it snowballs, the people know it's wrong and are bound to get caught but the sum has become to much to ever repay so they just double down and enjoy their lives until reality catches up to them. Look at how someone like Elizabeth Holmes lived the high life on fraudulent claims with Theronos, they simply blank out what will happen when the house of cards falls.
Click to expand...

What blows my mind is how clumsy some of this embezzling is. Literally transferring money from the company bank account to their own personal bank account in some of the most unsophisticated cases. Even if you do that only once, the digital trail of that can never be erased. It will always come back to you.
 
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