NAFCOC executive nabbed on money laundering charges
The acting President of the National African Federated Chamber of Commerce & Industry (NAFCOC), Gilbert Mosena, has been arrested on theft and money laundering charges.
Mosena handed himself over at the Sandton police station on Wednesday, together with Silver Vanity company director Mary Baggot.
In 2015, construction company Zakhumzi entered into a service-level agreement with Silver Vanity to manage and maintain the investment company’s properties.
Three years later, the Department of Public Works paid R14 million in rental to Zakhumzi as back-payment, including escalations.
However, Zakhumzi allegedly misappropriated and laundered the rental money instead of disbursing it to the shareholders of Silver Vanity.
Hawks spokesperson Katlego Mogale says more arrests are expected.
"Mosena (63) and Baggott (51) appeared in the Palm Ridge Specialised Commercial Crimes Court on Thursday.
"They were released on R10 000 bail each and are expected back in the same court on the 24 August," she added.
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