State looking for IEC Commissioner Masuku's co-accused in R1.2m fraud case, court hears

JOHANNESBURG - The state has revealed in court that it's looking for three suspects who allegedly conspired with Independent Electoral Commission (IEC) Commissioner, Nomsa Masuku to defraud Standard Bank.  

Masuku made a brief appearance at the Johannesburg Specialised Commercial Crimes Court sitting in Palm Ridge on Wednesday.  

As head of Standard Bank’s Corporate Social Investment unit between 2006 and 2013, Masuku allegedly directed bursaries to her friends and family, receiving kickbacks amounting to R1,2 million.  

She's charged with fraud, theft and money laundering.

READ: IEC commissioner Masuku arrested for corruption

Masuku cut a lonely figure on the court dock, wearing a black trenchcoat and a colourful dress underneath.  
 
The state prosecutor told the court that police were still looking for three people to join Masuku on the dock.  

They are believed to have assisted her in improperly funnelling money from Standard Bank to her personal account.

During a previous court appearance in June, the state revealed it had an outstanding arrest warrant for one suspect.

The suspect was a director of a company called Arrow Management, where at least R800,000 of Standard Bank’s money was fraudulently funnelled through.

The suspect is understood to still be at large while two others have since been added to the charge sheet.

Spokesperson for the National Prosecuting Authority (NPA) in Gauteng, Phindi Mjonondwane:

“The police are in a better position… because it is their mandate to arrest so they are in a better position to explain about the outstanding suspect but naming them at this point would be unlawful because they have not yet appeared in court and it would also tamper with the ongoing investigations.”

The matter was postponed to 7 November, pending the arrests of Masuku's alleged acquaintances.