A KwaZulu-Natal security boss was yesterday granted a court order to stop his company from being liquidated.
According to papers before the
This will allow Yacoob to enter into a plea bargain with the State as a representative of the company, so that he is not charged in his personal capacity.
In his affidavit, Yacoob revealed that during 2006, he and
Yacoob became the sole director and focused on marketing, while Hazell took financial control of the operations.
Yacoob said that, in 2009, he decided to step away from the company as he had started another security company which was larger and required more attention.
Mohammed Suyee was appointed director and he and Hazell ran the day-to-day affairs.
Yacoob maintained his financial interests in the company as the main shareholder.
"All seemed well until
Suyee soon established that the financial records of the company were in "shambles".
Yacoob explained that Suyee had uncovered massive maladministration and mismanagement of money and, after seeking legal advice, was told to liquidate the company.
Khulesani then went into voluntary liquidation on
The South African Revenue Service (Sars) then conducted an audit which revealed that Khulesani owed it R9 444 412.
"This did not surprise me. Information that surfaced after Hazell's death revealed that he had been struck from the roll of attorneys and had orchestrated bond fraud," Yacoob said.
After the protracted audit, Yacoob's attorneys entered into settlement negotiations with Sars. By this time, Yacoob had settled with the company's remaining creditors. Sars was the only outstanding claim.
Yacoob said that the understanding reached was that he would pay the full outstanding sum due to Sars and then he, or another representative of the company, would plead guilty to tax evasion charges.
Yacoob paid the amount |of R9 444 412 to Sars on
On establishing that the company was now devoid of any creditors, it was agreed by Sars and the State to "restore the entity from liquidation".
Criminal charges of tax evasion will now be levelled against Khulesani Security and Risk Management Services, after which Yacoob will enter into a plea bargain with the State as a representative of the company.
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