ABSA’s Financial Executive arrested for allegedly stealing millions

Business News

Tebogo Msimanga |

A 30-year-old man was remanded in custody on Thursday, on theft charges for the alleged stolen R103 million from ABSA. It is alleged that between September and December 2021, Xolela Masebeni, Sandton’s ABSA Specialist Engineer, fraudulently transferred approximately R103 million into six different bank accounts on numerous transactions.

Captain Ndivhuwo Mulamu said the matter was reported to the Hawks’ Serious Commercial Crime Investigation in Johannesburg for further investigation.

“Masebeni was successfully traced and arrested in Queenstown in the Eastern Cape on Wednesday, 19 January. He was charged with theft and appeared in Queenstown Magistrate’s Court on Thursday.”

The matter was transferred to the Palm Ridge Specialised Commercial Crimes Court and is expected to be in court on 27 January 2022 for a legal representative and bail application.

Mulamu added that more arrests and additional charges cannot be ruled out. Investigation continues.

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