03 Dec 2012
Former estate agent Wendy Machanik deeply regrets the actions that led to her conviction on 90 counts of theft, she wrote in a newspaper opinion piece on Sunday.
“I'd like to hereby state clearly and unambiguously that, yes, I am guilty of unlawfully accessing my company's trust fund to the value of R17 million - but not in the manner or for the reasons portrayed,” Machanik wrote in the Sunday Times.
Machanik was reportedly fined R1.5 million by the Johannesburg Specialised Commercial Crimes Court last month under a plea agreement in terms of which she admitting to 90 counts of theft totalling R27 million and two of failing to keep proper records of her company's trust fund.
Machanik wrote on Sunday that her business Wendy Machanik Properties was hit by the economic downturn in 2007 and that she borrowed from the trust in an attempt to save her employees' jobs.
“Looking back now I know what I should have done. I should have allowed the company to fold, declared bankruptcy, and walked away
“[But] I felt it was my responsibility to my employees and their families they were supporting.”
Machanik said she paid back the money, but was later contacted by people who wanted to extort money from her in exchange for their silence.
“Like a scene out of a gangster movie, I was told to either pay over a sum of money or they would go to the authorities,” she wrote.
Machanik said she was now virtually penniless, had been stripped of her real estate license and was about to start a sentence of long-term house arrest.
“In the end, though, I take full responsibility for my actions and I hope this serves as a deterrent to those in business and government alike.”
The court reportedly fined Machanik R1 000 (or a year's imprisonment), suspended for three years for failing to keep and audit accounting records.
She was also reportedly sentenced to three years correctional supervision and was fined R1.5 million, R300 000 of which she would pay up front and the rest in R25 000 monthly instalments. - Sapa
House for sale in Hoeveld Park R 820 000
Farm for sale in Stilbaai R 1 330 000
House for sale in Paglande R 1 895 000
House for sale in Faerie Glen R 1 450 000
Vacant Land / Plot for sale in Shelley Point R 249 000
House for sale in Boesmansriviermond R 1 350 000
House for sale in Bothas Hill R 1 600 000
House for sale in Rembrandt Park R 1 199 000
House for sale in Linksfield R 17 000 000
House for sale in Victoria Park R 850 000
If you are using Internet Explorer 8 or higher, please verify that your Internet Explorer compatibility view settings are not enabled.
For the best browsing experience, update to the latest Version of Internet Explorer or try out Google Chrome or Mozilla Firefox.
Please contact our Property24 Support Team for further assistance. Tel. +27 (0)861 111 724