Fraudster’s millions to be frozen
The ‘empire’ of Ruth Moshabane will be withheld from her until trial ends
The state has secured a preservation order to freeze the assets of MTN’s suspended financial accountant, charged with defrauding the company of millions.
Branden Ruth Moshabane, 42, allegedly used the money to build several homes and bought seven vehicles which include a Jeep Grand Cherokee and a Toyota Hilux Raider.
A title deed shows that she owns three properties, including vacant plots in Meyerton, Gauteng, which she bought for R550 000 and another in Chintsa, Eastern Cape, that is worth R800 000.
She has directorship positions in 10 companies, including R800 000 worth of shares with Legae Investment Brokers and another R500 000 investment with Liberty.
The state has since identified more properties belonging to her, including a R910 000 house in Sunward Park and a R555 000 house at Helderwyk Estate, both in Boksburg.
On Friday the state received Moshabane’s Absa bank statements dating back to 2011, showing that the amount of money she allegedly stole from MTN exceeds the R52-million the state had estimated from her 2013 Standard Bank statements.
“The initial amount was R23million but through our investigation using her Standard Bank account it grew to R52million,” said a source close to the investigation.
“With the emergence of the new documents from Absa last week we are now looking at well beyond R52million that she must have stolen.”
Moshabane from Boksburg on the East Rand, faces charges of theft, fraud and money laundering after it was allegedly discovered she stole MTN’s money as she was in charge of the company’s bank accounts.
As part of her duties at MTN, Moshabane would make payments to the company’s creditors and vendors.
She is accused of creating fictitious vendors and making 16 payments into her personal account between 2011 and this year.
She was granted bail of R200 000 earlier this month. The state also accused her of being a leader of a syndicate.
Moshabane had been with MTN since 2003, and was earning R22 000 a month at the time of her arrest. She allegedly built an empire from the proceeds of her crimes.
Last week, the Asset Forfeiture Unit (AFU) obtained a provisional restraining order against Moshabane.
“The restrained property includes numerous immovable properties, vehicles, bank accounts, investments and other valuables,” said Phindi Louw-Mjonondwane, spokeswoman
She is accused of creating fictitious vendors and making payments into her account
for the National Prosecuting Authority.
“Financial analyses indicated that she had attempted to conceal ownership of property in the names of third parties and had also made gifts and loans to third parties – some of whom have been cited as respondents.”
She said gifts and the loans would be recouped by the court appointed curator.