HOOK, LINE AND SINKER
CARMEL RICKARD: Slippery schemer finally runs out of wriggle room
It turns out that perpetrators of small-time fraud and corruption are just as slippery as the big timers — the presidents, ministers, drunken judges and foreign families — when it comes to dodging jail. Eastern Cape businessman Roydon Rudman and his co-accused faced 28 counts of fraud and one of contravening the Banks Act. Small cheese, perhaps, but this mouse knows how to wriggle. First off, Rudman established Makana Financial Services CC, officially a microlending business, and then, to switch metaphors, he went fishing. The bait, fed to potential “investors”, was that he provided bridging finance to members of the SA National Defence Force (SANDF) who qualified for severance packages. The close corporation only offered finance to members confirmed by the SANDF as in line for severance packages and who were also Absa account holders. Each SANDF member offered finance by Makana would sign a debit order for the bank to transfer the severance package to Rudman’s business once this wa...
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