Fraudster Nell to pay R1 million

By Drum Digital
02 June 2016

The former Polokwane businessman and ANC benefactor Jacques Nell, who was convicted of defrauding ABSA bank of millions of rand, has been sentenced to 10 years imprisonment wholly suspended for 5 years.

By Ayanda Sitole

The Mankweng Magistrate’s Court has also ordered him to pay back R1 million to the bank.

Nell was arrested on charges of fraud amounting to nearly R10 million, which is a schedule 5 offence as described in the Criminal Procedures Act no 51 of 1977.

He committed fraud by supplying Absa bank with false tax invoices to secure financing for two new DocuTech office printing and copy machines, making a misrepresentation that the machines were new at the time when in fact they were over six years old

This resulted in the potential loss of some R9 million after Nell’s company, Data Master Office Automation CC, was voluntarily liquidated. The actual loss incurred by Absa was some R1,7 million. Nell was the sole member of Data Master Office Automation CC.

The Hawks are also investigating Nell for government tenders that were awarded to his company Xerox Data Master, in an irregular, fraudulent or corrupt manner during December 2011.

He has been ordered to pay back the R1 million with immediate effect

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