A Gauteng businessman has been sentenced to an effective five years in prison in connection with a R66 million Transnet fraud, after evading arrest for six years.
Yakub Ahmed Suleman Bhikhu and his company, Homix (Pty) Ltd, were convicted on 81 counts that include fraud, forgery, uttering, money laundering, and the Contravention of the Tax Administration Act in the Pretoria Regional Court.
According to the Investigating Directorate Against Corruption (IDAC), Bhikhu pleaded guilty to all charges leveled against him and his company. He was sentenced to 10 years’ direct imprisonment, of which five years were suspended for a period of five years, effectively compelling him to serve five years in prison.
He was further ordered to reimburse an amount of R300 000 to Transnet, which he received as gratification. His company was sentenced to a fine of R500 000, which was suspended on the condition that it does not commit a similar offence.
Complex fraud scheme
IDAC spokesperson Henry Mamothame explained that the conviction stems from 81 offences committed by Bhikhu and his company during the period 2012 and 2015, valued at approximately R66 million, which represented a significant loss to Transnet.
“The accused opened accounts at various banks and forex entities, on behalf of Homix, where at the time he was the sole director,” Mamothame said.
“Payments stemming from Transnet were then paid into these accounts and dispersed to various other persons and entities by making use of fraudulent paperwork to execute fraudulent imports and exports.”
In the process, the South African Revenue Service (SARS), South African Reserve Bank (SARB), and various private entities and banks were defrauded to allow the export of currency, which was proved to be illegal.
Six years on the run
The accused was informed of the matter against him in about 2017, but then evaded arrest for six years until he was apprehended on the border whilst trying to enter Botswana. He has remained in custody since his arrest and conviction.
The NPA’s IDAC welcomed the conviction and the direct imprisonment, which comes from evidence that was presented in the State Capture Commission and further investigated by IDAC and its stakeholders in the law enforcement fraternity.
“This collaborative effort lays the basis for the efforts put in place to crack the complex state capture cases and other fraud and corruption cases that IDAC is responsible for,” the directorate stated.
The conviction represents a significant victory in the ongoing efforts to hold those responsible for state capture accountable and recover stolen public funds.
