Machanik’s criminal case postponed

2011-07-21 09:46

Former estate agent Wendy Machanik’s criminal case has been postponed by the Johannesburg Specialised Commercial Crimes Court to October 5.

Machanik, the close corporation Wendy Machanik Property Holdings, and its chief financial officer Bruce Bernstein are charged with conspiracy to commit fraud, among other things.

Machanik is out on bail of R25 000 and Bernstein is out on R5 000 bail.

They are charged with failing to keep accounting records and failing to reflect over 100 transfers between the trust account and business account.

The second charge is for failing to have accounting records audited for 2008, 2009 and last year. The alternative charge is failing to cause financial statements to be made out for 2008 and 2009.

The third count is failing to notify the board of each trust account that was opened. The final charge is for conspiracy to commit fraud.

They allegedly made irregular transfers totalling R28 million from Wendy Machanik Property Holdings, to a fictitious account.

Machanik allegedly used this money to keep her company afloat and for personal expenses.

The Johannesburg High Court made a final order in May prohibiting Wendy Machanik Property Holdings or Machanik herself from operating “trust, savings accounts or other interest-bearing accounts”.

In January, the high court ruled Machanik should not be granted a fidelity fund certificate for this year, which would have allowed her to operate as an estate agent.

The move followed a successful court application by the Estate Agency Affairs Board in December to place the agency’s trust accounts under curatorship, following the alleged financial irregularities in the management of the accounts.

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