Former Gupta Company Directors and ex-DDG Mineral Resources arrested and in court for R107.5 million Optimum Coal Holding rehabilitation fraud
25 May 2022
Former Tegeta Exploration and Resources Director Ronica Ragavan, former trustee of Optimum Coal Mine, Pushpaveni Govender and former DDG in the Department of Mineral Resources, Joel Raphela were arrested and appeared in the Randburg Magistrates’ Court this morning.
They stand accused of fraud, forgery, uttering, perjury and money laundering of R107.5million for mine rehabilitation funds for the Optimum Coal Mine Trust account and Koornfontein Mine Trust account in 2016. The two former company trustees were granted bail of R20 000 each, while Raphela was rushed to hospital during court proceedings for medical attention.
The companies also charged and to be summoned at the next court appearance are Optimum Coal Mine, Koornfontein Mines and Tegeta Exploration and Resources.
In 2015 Tegeta took control of Optimum Mine Rehabilitation Trust and the Koornfontein Rehabilitation Trust. In terms of the sale agreement the rehabilitation funds had to be converted into cash by 15 February 2016. On 23 May 2016, R7.5 million was transferred from the Optimum Mine Rehabilitation Trust account at Standard Bank to Optimum Coal Mine, and the amount was used as part of the payment of