Kebble fraud: JCI in R5 b claim

JOHANNESBURG – Randgold & Exploration is claiming R5 billion from associated company JCI largely for fraud committed by former CEO Brett Kebble, Business Day reported yesterday.

After forensic audits revealed in April that Kebble had shifted assets between the companies, both of which he headed before his death a year ago, Randgold said it would claim R1,13 billion from JCI. But in a notice on Tuesday, Randgold announced it had sharply revised its claim upwards to more than R5 billion.This was more than four times the original claim of R1,13 billion, and threatened to wipe out JCI entirely.In April, JCI estimated its entire net asset value was R1,9 billion – less than half the money now being claimed from it.JCI said on Tuesday it would fight the claim.Business Day said the sharp difference of opinion sets the stage for something of a bizarre battle between the two interrelated companies, which were both roundly pillaged by Kebble.The slain mining magnate was CEO of both companies.Nampa-SapaBut in a notice on Tuesday, Randgold announced it had sharply revised its claim upwards to more than R5 billion.This was more than four times the original claim of R1,13 billion, and threatened to wipe out JCI entirely.In April, JCI estimated its entire net asset value was R1,9 billion – less than half the money now being claimed from it.JCI said on Tuesday it would fight the claim.Business Day said the sharp difference of opinion sets the stage for something of a bizarre battle between the two interrelated companies, which were both roundly pillaged by Kebble.The slain mining magnate was CEO of both companies.Nampa-Sapa