Anyone hoping those guilty of fraud at Steinhoff will be locked up quickly should think twice. Tigon, like Steinhoff, was one of the top companies on the JSE – but it took 14 years to get the accused in that matter, Gary Porritt and Sue Bennett, to court
That’s if a similar matter currently being heard in the High Court in Johannesburg is anything to go by.
Porritt, originally from Pietermaritzburg in KwaZulu-Natal, and Bennett, who lives in Knysna in the Western Cape, are facing accusations of fraud, corruption and infringements of the Income Tax Act and the Companies Act. Wainer’s evidence was based on a report he had drafted as early as 2005, after he had studied documents supplied to him by the state which covered the period from 1996 to 2002.
For the year ending in January 1997, Tigon’s financial statements included R24.9 million, which flowed from Asia Pacific along this route, R17.9 million thereof was shown as profit and R7 million as unspecified provision.Wainer pointed out that the Companies Act, as well as the accounting standards that were applicable at the relevant time, did not allow contributions from shareholders – which these funds were – to be reported as income and, as such, appear on the profit line.
To give the transaction effect, Europoint’s trademarks were transferred to Asia Pacific at no extra cost.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Race to replace UK's May gets underwayAround a dozen British Conservative MPs will formally throw their hats into the ring on Monday in the fight to replace Theresa May as party leader and Prime Minister, with her former foreign secretary Boris Johnson seen as the runaway favourite.
Read more »
KZN woman in court for allegedly orchestrating husband’s murderThe 40-year-old professional nurse is suspected of orchestrating a plot with her married boyfriend to get rid of her husband.
Read more »
Cape nurse retires after 45 years, without taking leaveSister Colleen Grehan at Groote Schuur Hospital, an expert in complex wound care has been a nurse for 45 years and she's never taken leave.
Read more »
Six escape death sentence for rape, murder of eight-year-old Indian girlSexual violence, including against children, is rife in India and outrage over the Kathua case, named after the district where the atrocity happened, contributed to the government introducing the death penalty for child rapists.
Read more »
Father jailed for 20 years after murdering his child's mother | IOL NewsA fed up lover who was angered by his girlfriend's drug addiction and neglect of their toddler daughter was jailed to an ...
Read more »
'I raised the wrong son for 20 years'A mother whose newborn boy was swapped with another in a hospital mix-up 20 years ago wants her biological son back.
Read more »