CIPRO COMBATING FRAUD
The Companies and Intellectual Property Registration Office (CIPRO) is taking a hard stance against fraud. The registration office has suspended an employee and launched a forensic audit in a move to combat fraud.
CIPRO learnt today of three more companies which directors were allegedly changed fraudulently. These companies are Remag, Ntiro Technologies and News Café Rivonia.
CIPRO immediately launched a preliminary investigation which led to the suspension of one employee as a precautinary measure. Although the indications are that transactions were done manually, CIPRO has launched a forensic audit on these transactions.
This matter was also referred to the law enforcement authorities to ensure that no stone is left unturned in dealing with any identified fraudulent activity. CIPRO joined forces with various law enforcement authorities in an effort to cull the recent spate of fraudulent, un-mandated amendments to directors of companies.
This co-operation is imperative to prevent other fraudulent activities, such as the diversion of legitimate tax refunds into the "dummy" bank accounts of fraudulent entities. Furthermore, CIPRO will continue to strengthen its internal controls and additional assurance checks are implemented to detect possible fraudulent activities at an early stage.