Seven directors of Bluthorn stand accused of orchestrating the theft of over P102 million from local government coffers. This week, the Director of Public Prosecutions (DPP) formally arraigned the suspects before Regional Magistrate Court Mareledi Dipate.
The charges allege theft by agent, meaning these individuals, entrusted with investing funds on behalf of various district councils, are accused of misappropriating the money instead. Court documents reveal that the alleged offenses date back to approximately September 3, 2019.
The seven accused are Eune Engelbrecht, Jeffrey Sibisibi, Joseph Botuna Mosimane, Tiyedze Shirley Kamodi, Joseph Othusitse Batsalelwang, Motlamedi Matome, along with the corporate entity Bluthorn Fund Managers (Pty) Limited.
Together, they face allegations of stealing a cumulative sum of P102 million from multiple public bodies. The largest single amount, P40 million, was reportedly siphoned from the Ghanzi District Council. Other substantial losses include P15 million from the Letlhakeng Sub-District Council, and P10 million each from the Southern District Council, Mahalapye Sub-District Council, South East Sub-District Council, and the Tlokweng Landboard. Additionally, P5 million was taken from the Tlokweng Sub-District Council, while the Hukuntsi Sub-District Council suffered a loss of P2 million.
According to the charge sheet, these funds were entrusted to Bluthorn Fund Managers (Pty) Limited explicitly for investment purposes. The Bluthorn group was placed under liquidation in 2021 following a High Court ruling. Prior to this, the Non-Bank Financial Institutions Regulatory Authority (NBFIRA), during supervisory inspections in May 2019, identified that Bluthorn was not fully compliant with pertinent financial services regulations.
The accused have each been granted bail set at P10,000 and must report to court as directed. Engelbrecht and Matome, South African citizens, are required to pay their bail in cash.