More millions lost at 1KZN TV
Two weeks ago, board members of the channel initiated a forensic audit into the business account over which Fakazi had control since 2016
THE ongoing investigation into former chairperson of the 1KZNTV board, Themba Fakazi, has revealed further missing millions of the channel’s money.
Two weeks ago, board members of the channel initiated a forensic audit into the business account over which Fakazi had control since 2016.
The investigation alleged a staggering 918 unauthorised transactions that reportedly cost the channel close to R7-million for luxuries such as accommodation at expensive hotels, alcohol and upkeep of cattle for Fakazi’s private game reserve, all spent from the broadcasters’ Nedbank account.
Shortly after the revelation, a case of theft was opened at Richards Bay SAPS and last week Fakazi was removed from the board.
However, investigators now claim that a further R2.5-million is missing from the Nedbank account.
A source within the channel told the ZO that the board was made aware of the additional lost millions last week.
‘A lot of the transactions were for hotel accommodation in Durban, which was not picked up at first.
This means that Fakazi is now accused of stealing over R9-million of company funds.’
The alleged reckless spending has sent the channel into a debt of more than R2-million, with Fakazi having allegedly borrowed money in the past to pay employee salaries.
However, the channel’s new chairperson of the board, Chris Mkhize said proper administration systems were being put in place to prevent a repetition of the past. Mkhize said that despite the lost millions and debt, the channel was operating as normal.
‘The board had a meeting with the 60 employees in the company and they were assured that there would be tighter measures put in place especially when it comes to money. Paying our employees on time is also non-negotiable.’
Fakazi has previously denied financial impropriety and has deemed his dismissal ‘unlawful’.
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