The Specialised Commercial Crime Court in Mmabatho, North West, has handed down a significant prison sentence to Gaananngwe Shadrack Kgosiemang, a former manager of the Motswedi Village Bank, who faced eleven counts of theft.
The court ruled that all counts would be consolidated for sentencing, resulting in a ten-year prison term with five years suspended, leaving the 58-year-old effectively serving five years behind bars.
National Prosecuting Authority spokesperson, Sivenathi Gunya said the charges stem from Kgosiemang's tenure as a manager at Motswedi Village Bank, near Zeerust.
"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," said Gunya.
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Gunya added that investigations revealed that between October 2018 and May 2019, Kgosiemang transferred funds from the bank’s business account to his account without authorisation, stealing over half a million.
He was arrested in March 2023 and later released on R5,000 bail. He pleaded not guilty to all charges.
During sentencing, State Advocate Matshidiso Ramakgaphola presented a victim Impact statement from Motswedi Village Bank, highlighting the severe consequences of the crime. She informed the court that due to Kgosiemang’s actions, the bank had to be placed under judicial management.
"Welcoming the sentence, the Director of Public Prosecutions in the North West, Dr Rachel Makhari, expressed hope that it would serve as a deterrent to others. She reaffirmed the NPA’s unwavering commitment to combating commercial crime," said Gunya.
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