Mzansi Afrika

From Johannesburg South Africa, a window on the world

Wednesday, November 10, 2004

White Collar Crime in SA

Sapa reports:

"White collar crime was currently costing the South African economy upward of R40-billion a year. Geoff Midlane, managing director of Stallion Investigations, a division of Stallion Security, said there was hard evidence to show that corporate crime was siphoning off more money from the economy than was brought in by foreign tourism (about R32-billion last year). Midlane said a recent KMPG fraud survey, which for the first time included the public sector, detected a massive 13 percent leap in employee fraud reported since the last survey in 1999. "Every single one of our clients are reporting figures much higher than this and it was for that reason that we established a separate division within the Stallion Security organisation to address the problem."
Midlane said their experience had shown that as much as 70 percent of employees in some businesses acted dishonestly often leading to the demise of their companies. Midlane said their experience had shown that as much as 70 percent of employees in some businesses acted dishonestly often leading to the demise of their companies."

Anyone at your company displaying any of these symptoms?

"Midlane said the typical white collar criminal was between 26 and 40 years old, had a tertiary qualification and was hard working. They were generally egocentric, were big spenders and worked for their employers for longer than five years before they started embezzling money.
"It has been our experience that drugs or alcohol often played a role and fraudsters were often involved in extra-marital affairs," he said. Dr Alice Maree of Unisa's faculty of criminology, echoed Midlane's sentiments saying that unpaid debts were often the catalyst that led to corporate fraud. She said the typical white collar criminal had no previous criminal record, and was a seemingly stable individual. They craved recognition and were emotionally unsure of themselves. Midlane said one particular trait that corporate criminals had in common was that they seldom took leave."

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