Dec 8, 2022

Mawazo Writing Africa

Writing about the main

Glodina bosses in court over alleged fraud

The retail manager and accountant of liquidated KwaZulu-Natal towel maker Glodina have appeared in court on fraud charges.

The Hawks said Eusuf Fehaaz, 42 , and David Larkan, 58, both from Durban, appeared before the Palm Ridge Specialized Commercial Crimes Court in Gauteng on Wednesday.

“It was reported in October 2017 that that they misrepresented themselves and submitted a fraudulent audit report when applying for funding from IDC [Industrial Development Corporation]. As a result, IDC allegedly transferred approximately R35 million to Glodina’s commercial bank account for development projects.

“Through internal forensic analysis, IDC determined that Glodina was not in possession of the surplus of R10 Millions of Rand was in their bank account as stated in their audit report.”

The R25m in the company’s bank account was subsequently “withheld”. span >

Their attorney, Emlyn Collins, confirmed that Fehaaz and Larkan had turned themselves in to police.

In an affidavit issued in support When bail was posted, Fehaaz confirmed he said he intends to plead not guilty.

“I don’t know the specific allegations against me other than that they stem from a deal with the Industrial Development Corporation. However, I emphatically deny that I was involved in any crime.”

The alleged crime occurred several years ago and Glodina was now in liquidation, having been in the company bailout .

“I was advised by the paramedic to file a fraud charge against the IDC of R25 million. The entire incident, along with various others, is being handled by the trustee and an investigation into the matter will be conducted shortly,” he said.

< span>Larkan also hinted indicated that he would plead not guilty to the charges.

Fehaaz was awarded bail of R10,000 and Larkan R5,000.

They will appear in court again in late June.

The Hawks said they awaited a “well-deserved” conviction in the case and accused the two men who “allegedly of stole from other aspiring entrepreneurs who need funding.”

Collins told TimesLIVE, “While I do not wish to comment on the merits of the case or my clients’ defenses at this point, I do has been instructed that my clients have been falsely accused and once the matter is aired it will become theirs Prove non-participation and innocence.”

Glodina, once part of the Steinhoff Group, operated from a factory in Hammarsdale.

After being transferred to the company rescue service, the company paramedic applied to the Pietermaritzburg Higher Regional Court in 2018 for its processing on the grounds that there was no prospect of the company being rescued.

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