Hildegard Steenkamp, a 50-year-old former accountant, has been sentenced to a lengthy prison term for embezzling R537 million from her employer, Medtronic (Pty) Ltd, over a 13-year period, also resulting in significant fraud against the South African Revenue Service (SARS).
Hildegard Steenkamp sentence: Former accountant handed hefty jail term for fraud
Steenkamp, employed as a junior accountant at Medtronic, began her illicit activities in December 2004, mere months after securing permanent employment at the company.
Her criminal spree continued uninterrupted until 2016 when they were finally discovered.
Steenkamp’s embezzlement scheme involved processing VAT claims for Medtronic. She manipulated these processes to divert funds intended for customs clearing agents or SARS to her and her late husband’s bank accounts.
This fraudulent activity led to Medtronic incurring a staggering loss of approximately R770 million, combining the embezzled amount and the money the company had to repay to SARS, along with interest.
Steenkamp’s embezzlement funded an extravagant lifestyle, including opulent overseas trips and extensive gambling, where she reportedly spent up to R5 million in a single night.
Witnesses observed a significant lifestyle change in Steenkamp around 2005 and 2006, which she attributed to an inheritance, her husband’s supposedly successful business ventures, or gambling winnings.
During her sentencing proceedings, Steenkamp claimed she was coerced into committing the thefts by her abusive late husband, Mathys Steenkamp. Despite her defence, she was found guilty on 336 charges related to the embezzlement and sentenced accordingly.
Despite the enormous financial loss, Medtronic, an international company with substantial resources, did not lay off any employees as a result of the embezzlement. The company was, however, not insured for this type of loss.
Barring a successful appeal, Steenkamp will likely spend the rest of her days behind bars.