Home | News | ACCOUNTANT ACCUSED OF STEALING E1.6M TO PAY SHYLOCK DEBTS

ACCOUNTANT ACCUSED OF STEALING E1.6M TO PAY SHYLOCK DEBTS

16/04/2024 08:55:00 Kwanele Dlamini

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MBABANE - An accountant of an engineering company allegedly stole E1.6 million and used part of the money to pay off his debts with shylocks.

Investigations by police officers under the Asset Forfeiture Unit (AFU) revealed that Wandile Paul Dube, who was employed by Usizo Technical Services (UTS), allegedly made payments to ghost suppliers and other company creditors. It is alleged that he diverted the money to his personal bank account. In total, the company lost E1 641 242.97 as a result of the false payments. It is alleged that during investigations, Dube disclosed that he stole the money to pay off personal debts, which were mostly owed to moneylenders. According to the investigations, Dube allegedly borrowed lots of funds from moneylenders and spent a large percentage of it on settling his debts while also entertaining himself.

Investigations

Investigations by the police are said to have further uncovered that among the items purchased by Dube with the alleged stolen money, was a Mercedes-Benz C200 for E115 000, bought within two days between June 27, 2023 and June 29, 2023. It is alleged that in the month of September 2023, Dube further made payments for a piece of land acquired through the customary kukhonta at Mphini under Chief Bhekokwakho. “Further investigations revealed that part of Dube’s expenditure went towards repaying loans he had with one lady who ran an informal money lending business, Busisiwe Nomsa Khumalo, from whom he would now and again borrow money,” alleged the investigators. It was further discovered that more payments were made to different people, although some of the monies remained unaccounted for.

The allegations are contained in an application filed by the State, where it is seeking an order to seize the items under the Prevention of Organised Crimes Act (POCA) of 2018. In the application for preservation, Head of the AFU in the Office of the Director of Public Prosecutions (DPP), Principal Crown Counsel Elsie Matsebula, detailed how the crime was allegedly committed. She informed the court that Dube was an employee of UTS, having been employed in April 2022 as a management accountant, earning E21 000 per month as gross income. Matsebula submitted that Dube’s salary was paid by the company to an account he held with Standard Bank Eswatini, Matsapha. “Activities of the suspicious account were traced and it was confirmed that it was utilised to defraud UTS money in excess of E1 million. There was a need to search the modus operandi utilised in paying the account,” submitted Matsebula.

Debtors

Matsebula highlighted that Dube was responsible for managing the company’s income statements, debtors and creditors, producing management accounts, preparing financials, submitting tax returns and provident funds as well as the managing payroll, among other duties. According to Matsebula, each payment that was made in the system went to Dube’s account and would be misrepresented as payment made to a particular debtor of the company, yet the funds would be wired into his account. The head of the unit alleged that Dube’s account fraudulently received funds from the company through his account, being Standard Bank account number 9110004309939. “Dube would also deposit the money into one of the company’s employee’s (Mfanasibili Mamba) account without his (Mamba) consent. He would then order Mamba to withdraw the money and hand it over to him as cash,” submitted the principal Crown counsel.

Matsebula brought it to the attention of the court that this was reportedly made to disguise the reason for payment of the money as if it was a genuine transfer. It was alleged that Dube took advantage of the fact that as a driver, Mamba would regularly receive money from the company to buy stock, food and pay for accommodation. “The court’s attention is drawn to the fact that financial investigations have revealed that certain property was purchased by Dube, who defrauded the company millions of funds. However, this is one case with devastating circumstances in that only a meagre amount was invested into the property that has been recovered,” submitted Matsebula.

Debts

According to Matsebula, in his own words, Dube allegedly stated that he stole the money to pay off his debts, which were mostly with moneylenders. “It appears from the investigations that Dube was living a lavish lifestyle as he changed cars often and spent more money on family outings and entertainment,” submitted the prosecution. Matsebula mentioned that in the event the piece of land acquired by Dube was forfeited to the State, it would be disposed of in terms of Eswatini Law and Custom, in consultation with the umphakatsi and the Criminal Assets Recovery Committee, for the benefit of either the complainant (UTS) as compensation, per the preamble of the POCA, or the community of Mphini, where the property is situated.
She pointed out that the circumstances surrounding the purchase of the motor vehicle were detailed in the affidavit of the agent, Phila Siphosethu Motsa of Ludzeludze.

Matsebula mentioned that the motor vehicle was purchased by Dube from Motsa, who was acting as an agent, for Dr Aferm Achama of Medisun Hospital. She alleged that the motor vehicle was purchased on June 27, 2023, whereat Dube paid a deposit of E70 000 and two days later, on June 29, 2023, he paid the balance of E45 000. The court was told that a total of E115 000 was paid as the purchase price for the vehicle. “Following the investigations regarding the money laundering and fraudulent activities by Dube, financial investigators approached the Manzini Magistrates Court for a detention order of the motor vehicle, which was granted on March 13, 2024,” contended Matsebula. She went on to tell the court that the motor vehicle is currently in the custody of investigators since investigations are still ongoing. Matsebula submitted that although the evidence at this stage indicated that the properties were proceeds of crime, the investigation is ongoing and evidence of further different offences might come to light.

Evidence

She told the court that should such evidence indeed come to light, it would be included in the papers filed in support of the forfeiture application or in necessary supplementary papers.
Meanwhile, in his affidavit annexed to the court papers, Dube stated that the money he received into his account was used to pay off personal debts, most of which he had with moneylenders. He allegedly confessed to having purchased the car and a piece of land at Dwalweni to the tune of E85 000. “I also enrolled at Regent Business School, where I made a payment of E6 000 and paid school fees for my children. I once stayed in Ezulwini, where I acquired house utilities, which I later sold to my colleagues,” reads part of Dube’s affidavit which now forms part of the evidence against him. He pointed out that part of the money was also used to buy food and pay bills. Dube claimed that he also used the money for outings and further paying savings into a savings and credit co-operative at Njambeni. In his sworn statement, he further revealed that he also allegedly used the money to buy a I Series BMW.