07 Mar 2017 17:00pm
WINDHOEK, 07 MAR (NAMPA) The 45-year-old South African accused of 218 counts of fraud was Tuesday found guilty in the Windhoek High Court and sentenced to an imprisonment of 10 years.
Peter Tyran Kohler embezzled company funds to the tune of N.dollars 5.8 million.
He voluntarily admitted guilt saying he took advantage of his employers trust and pocketed money into his Namibian and South African bank accounts out of greed.
While handing down judgement, Judge Christie Liebenberg said the accused is sentenced to 15 years imprisonment, of which five years is suspended on condition that he is not convicted of fraud during the period of suspension.
It is evident that the accused is remorseful for his actions and will live with a sense of guilt for the rest of his life, however that will not be the mitigation factor for sentencing, said Liebenberg.
From 09 October 2009 to 09 July 2015, the trusted accountant and manager of Pennypinchers Timbercity, managed to misappropriate funds from the company account for personal use.
Kohler manipulated the accounts to create a false impression that payments were made to company creditors when he was the beneficiary.
The new accountant, hired by the company in early 2015, later discovered the discrepancies.
They were tasked to put in order the companys books and Value Added Tax (VAT) account, which was hard to reconcile.
Due to the high inflow of transactions to the account, Kohler took advantage of that loophole, with the hope of it never being noticed.
To date, N.dollars 369 590 has been recovered after Kohlers household goods and immovable assets were seized and sold on auction.
Attorney Masse Tjituri represented Kohler, while State Advocate Ingrid Husselmann represented the State.