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KPMGSowetanLive reports that arrested former bursaries specialist at KPMG, Fidelis Moema, is a director of six companies, two of which have been deregistered for noncompliance.

A company search showed that Moema, 32, is an active director of Spaceman Media based in Bryanston (Sandton), Arebeseng Triple M based at The Willows (Tshwane) and The Native Brothers, also located in Tshwane, while he is also running Restoration Business Forum from Steyn City in Johannesburg. However, his two other companies – Moema and Associates in Tshwane, and New Harvest Minerals and Energy in Kempton Park – were deregistered in January this year for failure to submit annual returns. Moema was arrested last week for R16.6m fraud and money laundering committed between 2021 and 2022 when he was still employed by KMPG. Moema allegedly misdirected funds meant for bursary recipients and instead of paying university fees on behalf of students, he would allegedly pay the money into the bank accounts belonging to friends and individuals who owned companies. The money would then be paid back into his personal bank account. The Palm Ridge Magistrate's Court on Tuesday postponed his formal bail hearing to next week. KPMG dismissed Moema in November 2022 after a disciplinary process related to noncompliance with the firm’s policies. In a statement on Friday, KPMG said it was only after his dismissal that the firm identified potential fraud committed by Moema and immediately initiated an internal forensic investigation.

Read the full original of the report in the above regard by Jeanette Chabalala at SowetanLive


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