All data is delayed
See More

Land Bank to probe more irregularities

Mar 03 2011 16:44
Pretoria - Following the arrest and appearance in court of four men accused of embezzling R19m from the AgriBEE scheme, the Land Bank could continue to pursue other outstanding cases, a spokesperson said on Thursday.

Land Bank spokesperson Musa Mchunu said that the bank had noted the arrest of its former chief executive Philemon Mohlahlane, former Gauteng housing MEC Mpu Daniel Mofokeng, Khutso Mosoma and Matuba Maponya and that the institution would allow the law to take its course.

"In the past two-and-a-half years and in line with its responsibility, the Land Bank has continually committed itself to cooperate and give support to the authorities and the required processes in order to ensure that all outstanding matters of similar nature are finalised."

Forensic investigations had revealed irregularities not only with AgriBEE, but also the Micro-Agricultural Finance Initiative of South Africa (Mafisa), the bank's information technology section and the Land Development funding unit.

He said it would seek to ensure all the investigations were pursued "with vigour".

Mohlahlane, Mofokeng, Mosoma and Maponya appeared briefly in the Commercial Crimes Court in Pretoria on Wednesday after being arrested on Tuesday in connection with five counts of fraud and five counts of money laundering.

They were released on bail of R40 000 each and the case was postponed until May 3.

National Prosecuting Authority spokesperson Mthunzi Mhaga said the four allegedly committed the offences between October 2007 and January 2008.

He said it was possible that further charges would be brought.
land bank  |  corruption  |  fraud



Read Fin24’s Comments Policy publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Add your comment
Comment 0 characters remaining

Company Snapshot

We're talking about:


Myths that funding and red tape are the two biggest challenges faced by emerging companies and entrepreneurs, have been debunked by a report.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Sarb’s possible intervention in the markets to stem the rand’s fall is:

Previous results · Suggest a vote