IEC commissioner’s alleged accomplice in Standard Bank fraud case gets bail
Hawks say Phillip Roux, 55, unlawfully benefitted from funds stolen from Standard Bank’s Adopt-A-School Scholarship Trust.
The Specialised Commercial Crimes Court sitting in Palm Ridge has granted Phillip Roux R10 000 bail for his alleged involvement in R1.2 million graft of Standard Bank’s Adopt-A-School Scholarship Trust.
Roux handed himself over on Wednesday morning and was processed at Johannesburg Central police station.
ANOTHER SUSPECT IN COURT FOR STANDARD BANK R1.2 MILLION GRAFT CASE
According to the Directorate for Priority Crimes and Investigations (Hawks), the 55-year-old faces charges of theft and money laundering in terms of the Prevention of Organised Crime Act in furtherance of a common purpose.
Hawks spokesperson Katlego Mogale said the accused acted in concert with an ex-employee of Standard Bank who was the Head of the CSI programme for the Adopt-A-School Scholarship Trust.
“Through an intensive probe, the Hawks investigators established that the incumbent unlawfully and intentionally benefitted from the Trust fund while working with accused number one, Dr Nomsa Masuku, who was prejudicing the fund over R800 000,” she said.
According to court papers, Masuku allegedly transferred R800 000 in December 2012 and March 2013 to Silver Arrow Management Solutions (Pty) Ltd, whose director, Mark Phillip Roux, was one of the trust’s trustees.
Roux allegedly transferred R335 000 in six separate instalments back to Masuku’s account “to conceal the source of this money which is Standard Bank.”
BACKGROUND TO THE STORY
As previously reported, the trust was established to provide scholarships, bursaries, awards of study and research, or teaching to learners from schools adopted by Standard Bank’s programme for those individuals who qualify and meet the selection criteria to further their studies at any recognised institutions of higher learning.
Hawks said that through an intensive probe, investigators established that Masuku who is an Electoral Commission of South Africa (IEC) commissioner flaunted the trust processes by awarding scholarships to friends and family members through manipulation of documents and without the committee’s approval.
WHAT DO YOU THINK ABOUT THE ARRESTS OF HIGH-PROFILE PEOPLE FOR FRAUD AND CORRUPTION?
Let us know by clicking on the comment tab below this article or by emailing info@thesouthafrican.com or sending a WhatsApp to 060 011 021 1. You can also follow @TheSAnews on X and The South African on Facebook for the latest news.