Court grants order for syndicate's R6m assets

2014-10-20 16:37


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Johannesburg - An order for the confiscation of R6.2m worth of assets held by members of an unwrought gold syndicate has been granted, the National Prosecuting Authority said on Monday.

Spokesperson Phaladi Shuping said in a statement that members of the so-called "Msimango syndicate", who were found guilty of illegal activities relating to unwrought gold, were given 30 days to pay R6 234 399 into the criminal asset recovery account.

If they failed to make the payment, the court order granted the Asset Forfeiture Unit authority to confiscate assets to this value from members of the syndicate, which operated between 2000 and 2008.

"Evidence was led of the lavish lifestyles of some of the syndicate members who owned expensive motor vehicles and houses whilst they, or most of them, did not have fixed employment and were not involved in any lawful business activities," Shuping said.

He said four brothers, Sibusiso, Andrew, Rise and MacDonald Msimango, had been in charge of the syndicate's operations.

"The Msimango brothers... were sentenced to an effective 15 years' imprisonment each after they were found guilty of theft, corruption and money laundering."

They rented and owned farms and plots in Hennenman, Wesselsbron, Virginia, Welkom and Potchefstroom where unwrought gold was refined.

According to Shuping, the brothers had tried to conceal some of their assets, having registered property in the names of other syndicate members.

"In 2008 the State was granted an order to restrain 12 properties, vehicles and cash that belonged to the accused. The vehicles were, however, sold due to their depreciating value."

Read more on:    mahikeng  |  crime

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