Kebble probe

JOHANNESBURG – South Africa’s FBI-style crime unit said yesterday it was investigating suspected fraud involving 1 billion rand of missing money at two firms formerly headed by slain mining magnate Brett Kebble.

Randgold & Exploration Company Ltd and JCI Ltd has released long-delayed financial statements which showed that shareholder funds of more than 1 billion rand had gone missing. Peter Gray, CEO of both companies, said a team from the National Prosecuting Authority, also known as the Scorpions, had been briefed on the fraudulent activities and on individuals suspected of involvement.The Scorpions said investigators were assessing the case.Kebble (41) was gunned down in his car in September after resigning as chief executive of JCI and Randgold & Exploration.Shares in both firms were suspended last year after they failed to file financial statements on time.In the past six months, forensic auditors unravelled a web of fraud during the leadership of Kebble, the firms have said.They said the fraud was accomplished using a complex network of front companies and “Enron style” transactions.- Nampa-ReutersPeter Gray, CEO of both companies, said a team from the National Prosecuting Authority, also known as the Scorpions, had been briefed on the fraudulent activities and on individuals suspected of involvement.The Scorpions said investigators were assessing the case.Kebble (41) was gunned down in his car in September after resigning as chief executive of JCI and Randgold & Exploration.Shares in both firms were suspended last year after they failed to file financial statements on time.In the past six months, forensic auditors unravelled a web of fraud during the leadership of Kebble, the firms have said.They said the fraud was accomplished using a complex network of front companies and “Enron style” transactions.- Nampa-Reuters