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 Officials 'siphoned off' farmers' billions

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Number of posts : 1056
Age : 70
Location : Pretoria - South Africa
Registration date : 2007-10-18

PostSubject: Officials 'siphoned off' farmers' billions   Mon Nov 12, 2007 5:48 am

Officials 'siphoned off' farmers' billions
Mail & Guardian Online reporter and Sapa | Johannesburg,
South Africa 11 November 2007 07:46

Top Land Bank officials have siphoned off more than R2-billion
-- meant for farmers -- to fund their close friends' and associates'
ventures, the Sunday Times reported.

The money was reportedly used for luxury golf estates, a sugar mill,
equestrian estates and residential developments.

The fraud was revealed in a forensic audit by Deloitte, which was handed
to the Cabinet this week by the Minister of Agriculture and Land Affairs,
Lulu Xingwana.

It was reported that the extent of the fraud forced the Cabinet to call for
the Land Bank board to be fired and for criminal charges to be brought
against almost the entire top management, implicated in the investigation.

Xingwana is set to announce a new board this week.


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