Resigned Getbucks Cfo Buhle Madonsela In Alleged E7m Fraud Case

By Lwazi Dlamini

Getbucks (PTY) Ltd has taken legal action against its resigned Chief Financial Officer (CFO) Buhle Madonsela for allegedly defrauding the company a sum of over E7 million between the period of July 2021 and February 2024.

The exact amount is E7 185, 839.31 which was discovered to have been lost which coincided with his tenure as head of the finance function.

In a statement released on Wednesday by Getbucks Board of Directors, the company received through its whistle-blowing processes information on suspicious transactions related to employee loans.

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Subsequent internal audit investigations confirmed two (2) unauthorised loan transactions that took place in December 2023 allegedly processed by the Chief Financial Officer (CFO) Mr. Buhle Comfort Madonsela, which unduly benefitted him in contravention of company policy.

“Following due consideration by the Board of Directors, the CFO was duly suspended from work in February 2024 pending finalisation of the investigation into his alleged misconduct.

Preliminary findings identified a number of breaches that warranted the immediate reporting of the matter to the Royal Eswatini Police Service (REPS) Commercial Fraud Unit on 26 February 2024.

Further investigations by the Company resulted in formal disciplinary charges being levelled against the CFO in April 2024.

On the second day of his disciplinary hearing, he resigned from the Company effective 9 April 2024” part of the statement reads.

The statement further reads: “With the approval of the Board of Directors, legal action was then instituted at the High Court of Eswatini and an interim Court Order was obtained against him and his family on 18 April 2024 that prevented him from dissipating a number of identified assets.

Civil summons were also issued against him on 15 May 2024. To date, investigations have confirmed that the former CFO allegedly defrauded the Company a total amount of E7, 185, 839.31 between July 2021 and February 2o24, a period that coincided with his tenure as head of the finance function,”

Getbucks (Pty) Ltd remains the only viable entity which is being used to assist the former Ecsponent/ESW investors to recover monies they lost at the hands of the former shareholders of the ESW.

Despite this obvious and critical setback, the Getbucks Board of Directors have assured all our stakeholders that the Board of Directors and Management remain fully focussed on ensuring that the objective of assisting the investors to recover their losses, remains an overriding imperative.

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In this regard, the Board of Directors has implemented the following remedial actions:

1. A comprehensive independent forensic audit has been commissioned through JKD Consulting, an RSA-based forensic consulting firm, to investigate and provide assurance on all transactions from 2021 to 2024 and ensure that this matter is successfully prosecuted. 
2. All internal fraud risk management processes have also been reviewed and appropriate actions taken to prevent a re-occurrence of any incident of this nature in future.
3. Criminal and civil proceedings supported by independent forensic processes have been initiated to ensure full accountability and recovery to the best possible extent of all the monies lost through this fraud. The arrest of the former CFO on 21 May 2024 is noted as a key development in this regard and all efforts will not be spared in ensuring complete and unmitigated accountability through the Courts of Eswatini. 

“The Board of Directors takes this opportunity to thank the REPS and all stakeholders who have painstakingly worked from February 2024, towards assisting the Company to get to the bottom of this very unfortunate and regrettable incident.

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Additional appreciation is extended to the Investor Relations Committee (IRC) for providing the necessary guidance since this matter came to their attention. Despite this setback.

The Company remains determined to fulfil its original objective of assisting the Emaswati who lost the investments, to re-coup their losses” the statement reads in conclusion.