The Mthatha based Serious Commercial Crime Investigation of the Hawks arrested Siphiwo Enock Mngxali (51) on 14 April 2023 for charges of Trust fund theft.
It is alleged that the accused, Siphiwo Enock Mngxali was in a process of a divorce handled by East London High Court. During the existence of their marriage, the couple reportedly bought properties for the purpose of conducting business thereon and create income for the joint estate.
They are reported to have created a family trust known as Mngxali family. The day to day administration of the trust was vested upon the accused (estranged husband). They bought four immovable properties, two in Mthatha and the other two in East London.
The first property in Fortgale in Mthatha was turned into a Bed and Breakfast and the other property in Southrigde also in Mthatha was leased to various tenants including Walter Sisulu University.
The money generated from the properties was deposited into the Trust account.
Subsequent to their marriage situation, Mngxali allegedly opened a personal FNB account and requested the tenants at Southrigde and Walter Sisulu University to make payments of the amounts due to the trust into his new FNB personal account.
The complainant on realizing that deposits were no longer made into the Trust account, lodged a complaint with the Hawks in April 2023. The swift investigation by the Hawks revealed that Mngxali unlawfully and intentionally misappropriated the monies of the trust to the value of more than R3 million for his own personal use hence his arrest on 14 April 2023.
Mngxali who is already in police custody for the charges of attempted murder and malicious injury to property of the complainant was re-arrested and appeared in Mthatha Specialised Commercial crimes Court on the same day of his arrest. Although he is remanded in custody for the previous case, Mngxali was released on R10 000 bail for the new case of theft. He is therefore still remanded in custody.
The matter was remanded to 26 April 2023 for the contents of the docket.
The team is commended by the Provincial Head Major General Mboiki Obed Ngwenya for the expeditious manner in which they conducted the investigations.
The post Family trust fund theft, estranged husband arrested appeared first on South Africa Today.