This is according to bank records and court documents filed in South Africa’s Gauteng High Court by the SME Bank’s liquidators, Ian McLaren and David Bruni. Former SME Bank chief executive Tawanda Mumvuma and ex-finance manager Joseph Banda are named in court documents as masterminds, alongside the co-owner of the bank, Enock Kamushinda. They are accused of making dubious payments to a South African company called Asset Movement Financial Services (AMFS) between 2015 and 2016.
“At all times, the authoriser (in SME Bank) paid money to AMFS. In total, an amount of N$79 800 000 was paid to AMFS under the mistaken belief that the money was due, owing and payable to them, while in fact [it was] not the case,” noted the liquidators. The liquidators claimed that AMFS received the money, which was further distributed to car dealerships for the benefit of designated individuals, effectively concealing the fraudulent nature of the transactions.
The funds were subsequently allegedly used to buy vehicles for individuals such as Alekos Alexandrou from Johannesburg who got luxury vehicles worth N$5,4 million. Alexandrou is listed as the biggest beneficiary of the scheme. The other beneficiaries are Robert Lane (from Gqeberha), Keong Lee (Johannesburg) and Patience Varaidzo Wushe and Sitabile Mathipano (from Zimbabwe, but living in South Africa).
AMFS was “nothing but a vehicle used ...
to steal and distribute the SME money,” said the liquidators. These individuals and companies.