Second suspect to join IEC commissioner in dock over Standard Bank fraud
The suspect joins co-accused Nomsa Masuku, who was arrested in June on fraud charges related to her time at Standard Bank.
A second suspect has been arrested in connection with the Standard Bank fraud case involving Nomsa Masuku, a commissioner of the Independent Electoral Commission.
The suspect handed himself over at the Johannesburg Central Police Station on Wednesday morning.
He is set to appear in the Johannesburg Specialised Commercial Crimes Court, sitting in the Palm Ridge Magistrate’s Court, the Directorate for Priority Crime Investigation (Hawks) said in statement.
The 55-year-old suspect, who cannot be named until he appears in court, faces charges of “theft and money laundering in terms of Prevention of Organised Crime Act in furtherance of common purpose”.
“It is reported that the accused acted in concert with ex-employee [Masuku] of Standard Bank, who was the head of the CSI [corporate social investment] programme for the ‘Adopt A School Trust’,” the Hawks’ Serious Commercial Crime Investigation unit said.
The suspect is accused of benefitting to the tune of R800 000 from the R1.2 million stolen from the Standard Bank trust.
Masuku’s arrested for Standard Bank fraud
Masuku was arrested in June 2024 and charged with theft, fraud and money laundering for allegedly stealing R1.2 million in funds meant for bursary and scholarship recipients.
She was later granted bail of R20 000 by the Johannesburg Specialised Commercial Crimes Court.
According to Hawks, Masuku was entrusted with managing the trust and instead, flouted its processes by awarding scholarships to friends and family members through manipulation of documents and without the committee’s approval.
“Some of the monies were deposited directly into her personal bank account, to the tune of R1.2 million,” Hawks spokesperson Colonel Katlego Mogale told SABC News in June.
Mogale said the Hawks were alerted in 2022 after Standard Bank conducted an internal investigation and found discrepancies.
IEC weighs in
After Masuku’s arrest, the IEC adopted a sit-back-and-wait approach.
In a statement, the IEC said it was aware of the arrest and would “monitor developments in the matter”.
“It appears that the matter relates to her erstwhile employment and does not relate to her tenure in the Commission both as an employee and commissioner,” the electoral body said.
Masuku’s IEC tenure
Masuku is currently one of five IEC commissioners, alongside Mosotho Moepya, Janet Love, Glen Mashinini and Dhaya Pillay, and her biography on the electoral commission’s website mentions her time spent at the bank.
“Dr Masuku’s career at the electoral commission took a seven-year hiatus during which she worked in the private sector. She spent those years as Standard Bank’s head of Corporate Social Investment,” the bio reads.