IEC commissioner and former Standard Bank employee Nomsa Masuku has been arrested this morning for allegedly stealing R1.2 million intended for student scholarships and bursaries.
IEC Commissioner Nomsa Masuku Up For Fraud Over R1.2 million Meant For Scholarships And Bursaries: How It Happened
Masuku was arrested by the Hawks and appeared in the Johannesburg Specialised Commercial Crimes Court, located at the Palm Ridge Magistrates Court.
Masuku formerly led the Adopt A School Trust, a corporate social investment initiative by Standard Bank. The bank designed this program to provide scholarships, bursaries, and other educational support to students from schools adopted by the bank. The goal was to help qualifying learners pursue higher education at recognised institutions.
According to Hawks spokesperson Col Katlego Mogale:
“Through an intensive probe, the Haws investigators established that Masuku flouted the processes of the trust by awarding scholarships to friends and family members through the manipulation of documents and without the approval of the committee.”
She allegedly falsified documents and bypassed the necessary committee approvals. Some of the funds were reportedly transferred directly into her personal bank account, amounting to a staggering R1.2 million.
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Temporary Reprieve From The Court
Masuku was granted bail set at R20,000. The court has postponed the case to September 4, 2024, for further proceedings.
The Hawks’ investigation into Masuku’s activities uncovered significant breaches of trust and procedure within the Adopt A School Trust. The scholarships and bursaries were meant to support deserving students, but the funds were instead diverted for personal gain.
Standard Bank has not yet commented on the arrest or the allegations against Masuku. The bank’s Adopt A School Trust has been a prominent initiative aimed at enhancing educational opportunities for underprivileged students. The trust’s selection criteria are intended to ensure that only the most deserving candidates receive financial assistance for their studies.