Cape Town - The former Chief Financial Officer of Fair Cape Dairies has appeared in the Cape Town Magistrate’s Court where he faces over 170 fraud charges for allegedly stealing more than R23 million from his employer.
Jean Jurgens Olivier, 57, along with his wife, Albeline, 56, were arrested by the Hawks after financial irregularities were uncovered and reported to authorities.
Fair Cape CEO Melt Loubser said the brave initiative by the company’s financial manager, Matheus Schreuder, to investigate a questionable booking transaction revealed that Olivier had allegedly been stealing company funds.
“On uncovering this shocking revelation, Fair Cape Dairies took decisive action to protect its interests and uphold its commitment to transparency and integrity.
“The board of directors and executive leadership worked in collaboration with ENS Africa’s forensics department and the fraudulent activities were promptly reported to the SAPS Directorate for Priority Crime Investigation and reported by the company’s auditors to the Independent Regulatory Board for Auditors.”
Olivier was appointed CFO from November 2010 to March and managed the financial functions. In 2021 he became a phantom shareholder.
Hawks spokesperson Zinzi Hani said a case docket was registered and the matter was referred to the Hawks in the Western Cape.
“Further investigation conducted by the Hawks revealed that the duo were the account holders and signatories of the identified account(s) that received frequent and regular payments amounting to a total of R23 351 968.05 between January 1, 2013 to April 30, 2023 from the business bank account.”
She said the couple now face 173 charges including fraud and money laundering under the Prevention of Organised Crime Act.
“They appeared in the Cape Town Magistrate’s Court for 171 counts of fraud and two of money laundering on Tuesday and were subsequently released on R80 000 bail each with strict bail conditions imposed. The case was postponed to March 18 for them to appear at Specialised Commercial Crimes Court in Bellville.”
Loubser said: “We were shocked and disappointed by the actions of an individual who was entrusted with such a vital role within our organisation and considered ‘part of the family’. We are pleased to confirm that all the stolen funds have been successfully traced and that a significant portion are likely to be recovered.
“Our finance team, in close collaboration with external auditors and legal advisers, have been working tirelessly to mitigate the impact of this unfortunate incident.”
He said following the incident they had reviewed their internal controls and review processes to prevent similar incidents in the future.
“We remain steadfast in our dedication to upholding the highest standards of corporate governance and ethical behaviour.
“Fair Cape Dairies would like to express its gratitude to the law enforcement agencies, to Steven Powell and Suzanne Olivier of ENS Africa, and Baker Tilly Greenwoods who have assisted us throughout this investigation.
“We appreciate the support and understanding of our clients, partners, and employees during this challenging period.”