South Africa News

Ex-KPMG employee Fidelis Moema granted R50K bail after bursary fraud worth R16.5 million

Former KPMG bursary specialist, Fidelis Moema, was on Friday granted R50,000 bail by the Palm Ridge Specialised Commercial Crimes Court.

Moema was released along with his co-accused Trevor Machimane and Lebohang Sigubudu.

Moema is accused of swindling his former employer to the tune of R16.5 million.

He is facing charges of theft, fraud and money laundering.

This after he allegedly paid money meant for students into the bank accounts of his friends and former girlfriends.

The funds would later be channelled back to him.

The 32-year-old was arrested by the Directorate for Priority Crime Investigation (known as the Hawks), after he handed himself over to the Hawks’ Serious Commercial Crimes Investigation team in Johannesburg.

Last week, KPMG said it fired Moema in November 2022 after an internal disciplinary process. It opened criminal charges against him in February last year.

The company alleged that between 2021 and 2022, Moema diverted millions intended to sponsor the education of deserving students, to companies associated with his friends.

During the investigation, KPMG said that it identified that Moema was allegedly colluding with external parties and no other parties within the firm were identified.

Regarding approved bursaries, KPMG said they were not impacted and they have honoured all their commitments.

“The bursary programme will continue to support students in enhancing the profession. The most disappointing aspect of this situation is the lost opportunity to assist additional students.”

The trio will be back in court on May 24.

-IOL News

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