Free State tycoon convicted of R1.4m tax evasion


A Free State tycoon was sentenced Monday to eight years behind bars suspended for five years for violating tax administration law after stealing from the SA Revenue Service (SARS) about 1.4 million dollars rands.

Nkosana Sibeko, 42, owner of Cybko Trading CC, appeared in Bethlehem Commercial Offenses Court and was found guilty of tax evasion. A preliminary SARS investigation revealed that the fraudulent activities of Sibeko and his company took place between 2012 and 2015.

Police spokesman Captain Christopher Singo said: ‘The court sentenced Sibeko to eight years’ imprisonment, fully suspended for five years on the condition that he reimburse SARS the amount of R925,000 on a annual installment of R185,000 until the full amount is paid in full.

“His business has been fined R2 million fully suspended for five years on the condition that she must repay SARS the amount of R490,000 out of a monthly installment of R8,000 until the full amount is met. be fully paid.”

To follow @SundayWorldZA on Twitter and @sundayworldza on Instagram, or like our Facebook page, Sunday World, by clicking here for the latest breaking news in South Africa. To subscribe to Sunday World, Click here

Coceka Magubeni

Source link


Comments are closed.