Durban - The Hawks in KwaZulu-Natal have swooped in on seven former executives at Tongaat Hulett implicated in a R1.5 billion fraud racket.
Provincial Hawks spokesperson, Captain Simphiwe Mhlongo, said the suspects are aged between 45 and 68. Between March 2015 and September 2018, the seven allegedly acted in common purpose by backdating land sale agreements.
"The fact that sale agreements were backdated had a significant impact on the financial reports of the company. It also resulted in the incorrect profits being declared and managers receiving huge bonuses. As a result the company lost approximately R1.5 billion," Mhlongo said.
He said a case of fraud was reported at Durban North police station and the case docket was allocated to Hawks members from Durban Serious Commercial Crime Investigation for further investigation.
The suspects were charged for fraud on Thursday morning. Mhlongo said they are due to appear in the Durban Magistrate's Court.
IOL