Director in court for benefiting from unlawful payments
The accused allegedly facilitated the processes and was nominated to represent the IDFC as one of the directors in the PSQ.
A 48-year-old business finance executive director employed by Ithala Development Finance Corporation (IDFC) who allegedly benefited from unlawful payments as a director at Port Shepstone Quarry (PSQ) will appear in the Durban Magistrate’s Court on May 11, 2021.
It is alleged that IDFC awarded a loan of R30 221 524 to an applicant who was purchasing assets of PSQ in 2013.
The accused allegedly facilitated the processes and was nominated to represent the IDFC as one of the directors in the PSQ.
The accused allegedly received director’s fees of over a million rand between January 2015 and January 2017.
As an employee of the IDFC he was not entitled to the payment as he was receiving his monthly salary from the IDFC.
As a result he was served with summons on Friday, April 16, 2021.
The KwaZulu-Natal Directorate for Priority Crime Investigation Provincial Head, Major General Leseja Senona applauded the investigating team for presenting a well investigated case docket before the magistrate.
“It is our constitutional mandate to intensively investigate cases of this nature, the accused is now presented with an opportunity to give his side of the story before court,” he said.
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