NAFCOC Executive To Face Theft And Money Laundering Charges
The acting President of the National African Federated Chamber of Commerce & Industry (NAFCOC), Gilbert Mosena, and Silver Vanity company director Mary Baggot have been taken into custody on charges of theft and money laundering.
Mosena voluntarily surrendered himself at the Sandton police station, along with Baggot.
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In 2015, Zakhumzi, a construction company, entered into a service-level agreement with Silver Vanity to oversee and maintain the investment company’s properties.
Three years later, the Department of Public Works paid Zakhumzi R14 million in rental fees, including escalations.
However, it is alleged that instead of distributing the rental payments received from the Department of Public Works to the shareholders of Silver Vanity, Zakhumzi misappropriated and laundered the funds.
The Hawks spokesperson, Katlego Mogale, has stated that additional arrests are expected in connection with this case.
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Mosena, aged 63, and Baggot, aged 51, made an appearance in the Palm Ridge Specialised Commercial Crimes Court on Thursday.
They were both granted bail of R10,000 each and are scheduled to return to the same court on August 24th.
