GAUTENG – A 59-year-old man appeared in the Palm Ridge Specialised Commercial Crimes Court today facing charges of theft.
It is alleged that in 2009, the Umsobomvu Coal PTY (Ltd) Chief Executive Officer, Lungani Hector Kunene sold prospective mine rights in Dundee, Kwa-Zulu Natal for the amount of R100 million to Transasia PTY (Ltd).
Further investigation revealed that in March 2011, Kunene failed to process the sale and allegedly withdrew approximately R14 million which was deposited into his trust fund account by the mine rights buyer without their knowledge.
A warrant of arrest was issued for Kunene’s apprehension. He handed himself in at the Hawks’ Serious Corruption Investigation office in Germiston today and was subsequently charged.
The court granted Kunene a R30 000 bail and the case was postponed to tomorrow, 31 August 2021 for docket allocation.