In a landmark ruling, Hildegard Antoinette Steenkamp was jailed for 50 years for embezzling over R500 million from her employer, multinational medical equipment supplier Medtronic. IOL reports that the Gauteng accountant was convicted on 336 fraud charges.
Sentenced in the Johannesburg Specialised Commercial Crimes Court on Friday, Steenkamp, 50, faced accusations of duplicating payments by funnelling funds directly into her late husband’s bank account.
Colonel Katlego Mogale, spokesperson for the Directorate for Priority Crimes Investigations (Hawks), explained that Steenkamp’s intricate scheme to siphon funds spanned from 2017. The investigation revealed her luxurious lifestyle, including extravagant spending at a casino amounting to R65 million over five years, international holidays totalling R30 million, and frequent trips to Dubai, showcasing a life of luxury.
Steenkamp’s arrest in December 2017 marked the culmination of a three-month-long Hawks investigation. The subsequent raid on her residence, supported by search-and-seizure warrants, confiscated 11 luxury vehicles, motorcycles, seven immovable properties, furniture, appliances, and jewellery worth millions of rands.
IOL had previously reported on the case, shedding light on the details of Steenkamp’s prolific theft and lavish expenditures. Released on bail of R250,000 after her arrest, Steenkamp’s legal journey has now culminated in a substantial 50-year prison term.
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