Forensic audit probing Kebble asset-pillaging

He says that not only will there be far fewer assets than they were led to believe – more than R2bn less – but they will wonder how such a flagrant pillaging of their assets could have gone on right under their noses. According to a Business Day report, court records confirm for the first time that assets worth far more than R2bn that previously belonged to Randgold & Exploration were sold during Brett Kebble’s last year as CE, and that the proceeds cannot be traced. The report adds that a forensic audit is still under way at Randgold & Exploration and JCI and these new disclosures suggest criminal action may follow against other former executives. The Bottom Line Full Business Day report Transcript of a Classic Business Day interview with Rob Rose on Kebble’s ‘dirty washing’

Meanwhile, the SARS has submitted a claim of R183m against the Kebble estate. It was also about to pursue fraud charges against him before his death. This, according to a report on The Citizen site, related to his use of another registered taxpayer’s VAT number to falsely claim back VAT, even though he was not registered himself. Kebble left his entire estate, estimated by his executors to be worth about R40m, to his wife, Ingrid. SARS spokesperson Adrian Lackay confirmed that SARS had submitted a claim against Kebble’s estate. He said it would be up to the executor of Kebble’s estate and the Master’s Office to decide on the further execution of the claim. SARS started investigating Kebble in late 2001 for failing to submit proper and complete tax returns. It estimates Kebble had a taxable income of R349m between 1996 and 2006. It also claims that Kebble’s estate owes the Receiver R2.3m in PAYE taxes. SARS says it was informed in September 2005 that Kebble was in financial trouble and that he was busy selling some assets to make a R4m payment towards the R12m VAT he owed the Receiver. Full report on The Citizen site