Prosecutors detail how MTN junior accountant allegedly stole R53 million

I see this happening with so many businesses, especially small businesses, where an accountant or bookkeeper pilfers the business for years without anyone noticing. The usual modus operandi is that the bookkeeper changes the bank details on client invoices so that the client pays the company invoice directly to the bookkeeper's bank account. Then they do some accounting voodoo in the books to hide it, but you can only hide stuff like that for so long before it catches up to you.
 
skimread said:
Paid herself R53 million into her own bank account since 2010 but dresses like she is poor. ANC do exactly the same. Steal but claim they live in poverty. Would be really curious what she spent the money on. Maybe her husband is living like a king

Ti4XBJu9VdjMI9KTLZMnX9yWY915i756lj6NnYzcJb5i_h0EMVgW9fGAZ8T3ErHwZU9bG2qpztqgSMa2iWzzdlyiyoOZZh9oqeyI3zWNfqhaRkE=s750
Click to expand...

Eish, I am innocent until proven guilty.
 
Easy to hide a couple million a year when the company's revenue is like R100bn plus. Rounding errors. I wonder what gave it away that Standard Bank raised alarms? Managers just thought insurance premiums were going up a lot each year if she did fake ones for Guardrisk etc?
 
No way did she do this by herself, we can only hope the others are exposed as well.
 
  • Like
Reactions: Yuu
Standard Bank snitched on her in 2017 and she was arrested in 2017.
 
Does MTN not have any internal controls? How does this get through 7 years of financial reporting?
 
hj007 said:
But why did SB figure it out? Wonder if they were her accounts or MTNs?
Click to expand...
MTN was putting random amounts at random times into the account, a more rounded sum monthly or quarterly would have went unnoticed
 
Moshabane’s run of fraudulent transactions ended in April 2017 when Standard Bank notified MTN of the unusual transactions
Click to expand...

Holy fcking moly. Only when then BANK notified MTN? After 7 years. Jeez.. I want to work at MTN Finance department. Looks like its a free for all. No control.
 
Haha MTN is a mess so this makes sense I wouldn't be surprised if this stuff is happening at nedbank cause those guys are clueless
 
This lady needs some kind of award, how do you launder R53 million through your bank account and not get caught, Sars doesn’t blink an eye lid, the bank doesn’t ask any difficult questions for 7yrs, no one does until your employee who you’ve been bleeding dry finally discovers it.
 
requiem said:
How the actual **** can you not notice a deficit of 53 million over 7 years.

Incompetent or complicit management
Click to expand...
Its unfortunately quite easy.

With the volume of transactions they deal with its a massive job balancing those books.
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter