Phillip Roux has been granted bail of R10,000 by the Specialised Commercial Crimes Court in Palm Ridge.
This comes as part of his involvement in a case concerning R1.2 million in alleged corruption linked to Standard Bank’s Adopt-A-School Scholarship Trust.
Surrender and Processing
Roux voluntarily turned himself in on Wednesday morning and was subsequently processed at the Johannesburg Central police station.
Another Individual Faces Court Over R1.2 Million Scandal
The Directorate for Priority Crimes and Investigations, better known as the Hawks, has charged the 55-year-old Roux with theft and money laundering under the Prevention of Organised Crime Act.
These charges are connected to a broader conspiracy.
Hawks spokesperson Katlego Mogale revealed that Roux is accused of working with a former Standard Bank employee, Dr. Nomsa Masuku, who was the Head of the CSI Programme for the Adopt-A-School Scholarship Trust.
Mogale stated that Masuku, alongside Roux, misused the Trust funds to the tune of over R800,000.
Financial Transactions and Allegations
Court documents suggest that Masuku allegedly moved R800,000 in December 2012 and March 2013 to Silver Arrow Management Solutions (Pty) Ltd, a company directed by Roux, who was also a trustee of the Trust.
Roux is said to have returned R335,000 in six separate transactions to Masuku’s account, purportedly to hide the origin of the funds linked to Standard Bank.
Background on the Scholarship Trust
As noted earlier, the Adopt-A-School Scholarship Trust was established to offer scholarships, bursaries, and other academic awards to students from schools supported by Standard Bank.
This initiative aims to help qualified students pursue higher education at accredited institutions.
The Hawks’ investigation revealed that Masuku, who also serves as an Electoral Commission of South Africa (IEC) commissioner, manipulated the Trust’s processes.
She is accused of awarding scholarships to friends and family by falsifying documents and bypassing the necessary committee approvals.
Mine Crypto. Earn $GOATS while it is free! Click Here!!