/ 22 September 2009

Billy Rautenbach hands himself over after 10 years

Former Hyundai boss Billy Rautenbach, who has been evading local authorities for 10 years on fraud and tax-evasion charges, has handed himself over and agreed to pay a R40-million fine, an official said on Tuesday.

National Prosecuting Authority spokesperson Mthunzi Mhaga said Rautenbach, a Zimbabwean who fled South Africa when Hyundai Motor Distributors collapsed, handed himself over on Friday.

He appeared on 326 charges of fraud in the Specialised Commercial Crimes Court and was sentenced to pay a R40-million fine in terms of a plea agreement on Friday.

”He had to pay R10-million of that R40-million immediately,” said Mhaga.

The remaining money will be paid in instalments — R15-million to the South African Revenue Service and another R15-million to the Criminal Asset Recovery Fund.

”In the event that he fails to make payment, we have secured his farm, which is worth more than R30-million in Paarl in the Western Cape,” said Mhaga. — Sapa