KEY POINTS
- Former bank manager sentenced to five years for theft.
- Over half a million stolen through fraudulent transactions.
- Bank placed under judicial management due to financial losses.
A former manager of Motswedi Village Bank, Gaananngwe Shadrack Kgosiemang, has been sentenced to five years in prison after being convicted of stealing over half a million from the bank’s business account.
The Specialised Commercial Crime Court in Mmabatho, North West, handed down the sentence after consolidating eleven counts of theft.
The final verdict of the former bank manager theft case resulted in a 10-year sentence, with five years suspended, meaning Kgosiemang, 58, will serve five years behind bars.
According to National Prosecuting Authority (NPA) spokesperson, Sivenathi Gunya, Kgosiemang misused his position as manager by misrepresenting financial transactions.
“His responsibilities included promoting the bank and its products, as well as providing regular business reports to the board of directors.
The court heard that he misrepresented financial transactions by approaching a co-signatory under false pretenses, fraudulently drawing cheques that he claimed were for the benefit of clients,” Gunya said.
Fraudulent transfers and breach of trust
Investigations revealed that between October 2018 and May 2019, Kgosiemang illegally transferred funds from the bank’s business account to his personal account without authorization. The total amount stolen exceeded half a million rand.
Officials arrested Kgosiemang in March 2023 and later released him on R5,000 ($274) bail. Despite pleading not guilty to all charges, the evidence presented in court proved otherwise.
During sentencing, State Advocate Matshidiso Ramakgaphola presented a victim impact statement from Motswedi Village Bank, highlighting the severe damage caused by Kgosiemang’s actions.
According to IOL, the statement revealed that due to the financial losses, the bank was forced into judicial management to stabilize operations.
“This theft severely compromised the bank’s financial standing, disrupting its ability to serve its clients and meet operational demands,” Ramakgaphola said.
Prosecution hopes for deterrence against commercial crime
Following the sentencing, the Director of Public Prosecutions in the North West, Dr. Rachel Makhari, welcomed the court’s decision and expressed hope that it would act as a deterrent for others contemplating similar offenses.
“This sentence sends a strong message that authorities will not tolerate financial crimes. The NPA remains committed to rooting out commercial crime and ensuring justice for victims,” said Makhari.
Gunya reiterated the NPA’s commitment to pursuing justice and combating financial crimes. “We hope this outcome serves as a deterrent and reinforces the importance of integrity within the financial sector,” he said.
The case highlights the growing need for stricter financial oversight in community banks and stronger accountability measures to protect public funds.
