Edmund Pitso Madibo (48), appeared in the Palm Ridge Specialised Commercial Crimes Court on Tuesday, 21 February 2023, charged with two hundred and fifteen million rand fraud.
It is alleged that the Madibo who was a shareholder at Aesh Refineries based in Pretoria, defrauded the company by changing its bank account with the South African Revenue Service (SARS).
The company had an account with Absa bank and Madibo submitted a new account from Nedbank to SARS.
He then informed SARS to process Value Added Tax refund into the new account. The money was deposited into his bank account on 4 May 2018, and the other shareholders did not have knowledge of the transaction.
A case of fraud was registered at Brackendowns police station in May 2018, and assigned to the Hawks’ Serious Commercial Crime investigation team.
The probe has culminated in the arrest of Madibo.
The court granted him R50 000 bail whilst it postponed the case to Thursday, 9 March 2023.