Thieving ex-bank boss jailed

Former manager sentenced to 10 years in prison for stealing R1.5m

A former Mthatha bank manager has been sentenced to 10 years in prison for stealing R1.5m from the estate of a deceased client.

According to evidence presented in the Mthatha regional court, 43-year-old Mziwodumo Ludidi was employed as a bank manager at Nedbank’s Mthatha CBD branch.

National Prosecuting Authority (NPA) regional spokesperson Luxolo Tyali said that the court heard that Ludidi was responsible for managing internal banking processes and client services. He was the ultimate authority within the bank’s branch.

“The deceased client, Khumbulele Ndlazi, held an account with the bank when he passed on in January 2013. Soon after his death, Ludidi created two fictitious bank accounts.

He illegally transferred amounts of R20,000 daily from the deceased account to the two untrue accounts, transferred an amount of R370,000 into his personal account he held with Capitec Bank and settled two personal loans he took from Nedbank,” said Tyali.

When the deceased’s beneficiary approached the executor of the estate to access money held in her late father’s account, she discovered that the accounts had almost been depleted. She then approached the forensic division of Nedbank.

“When Ludidi became aware of the investigation by the forensic division, he immediately resigned and fled Mthatha to Port Elizabeth where he was arrested.”

Ludidi pleaded not guilty during the trial, claiming that the money was a loan from the late Ndlazi, who had already passed on when the transfers were made from his account.

“The state managed to convince the court of his guilt by presenting the forensic investigation report from Nedbank, the employee number belonging to him that was used to give notices of withdrawals from the late’s estate account, as well as his admission of liability debt he signed for the amount he transferred into his personal account,” said Tyali.

During sentencing, senior state advocate Mtutuzeli Rangula called for a lengthy imprisonment, saying that Ludidi occupied a position of trust and showed total disregard for the wellbeing of the beneficiaries of the deceased.

He also argued that such crimes affected the society at large because banks increase charges to account holders to recoup the stolen monies.

Magistrate Sizakele Sihlahla concurred with the state.

“The NPA believes that the sentence will go a long way in showing that white-collar crime can never be tolerated by our courts, and will be severely punished similarly to violent crimes,” said Tyali.