Businesses rely on the people in the accounting departments to ensure that everything is in order and that the business is in good standing with the revenue service.
But this Gqeberha charted accountant has been convicted and sentenced to two counts of theft to the tune of R52 million.
Jonathan Blow (52) has been sentenced to an effective 22 years' imprisonment for his crimes.
He was the sole director of PE Accounting Solutions (PEAS), which was appointed to provide accounting services for two SuperSpar entities, one in Gqeberha and the other in Despatch.
When he realised that the prosecution had overwhelming evidence against him, he pleaded guilty.
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In his plea explanation, Jonathan admitted that since 2012, PEAS was appointed as accountants of Despatch Superspar, rendering accounting, payroll, and creditor payment services every month for an agreed fee.
The court heard that in order to effectively render the services, he required and was given full access and administrative rights to the business’s trading bank accounts.
“From 11 September 2022 to 10 March 2022, in addition to the fees for which he had invoiced Despatch Superspar, he admitted to having unlawfully transferred amounts totalling R11,4 million from the entity’s trading accounts to PEAS. He only made 24 repayments to Dispatch Superspar amounting to R4,9 million and pocketed R6,5 million,” the court heard.
PEAS has been providing its services to Sunridge Park Superspar since 1999. Using the same modus operandi, Jonathan transferred a total of R40,5 million from the client’s accounts to PEAS during the period between 03 July 2020 and 19 September 2022. He made repayments totalling R16,3 million, and the client suffered a loss of R24,2 million.
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The State argued that it was not repayments, but Jonathan did this in order not to get caught out.
Jonathan blamed his crimes on his gambling habit. NPA’s Asset Forfeiture Unit could only salvage R1.8 million from Jonathan, who had used some of the stolen money to buy shares in Spar at Kariega.
In aggravation of the sentence, State Advocate Lise Keech called both brothers, Paul and Peter Barnes, who owned the two businesses from which Jonathan stole.
They told the court how they have suffered and are still suffering from the effects of Jonathan’s actions, whom they had considered as a brother and friend.
