Former EL bank manager convicted of stealing Kruger Rands worth millions

14:05 (GMT+2) Mon, 15 Apr 2019

A  former business manager at the Oxford Street branch of Nedbank in East London is due to be sentenced on the 2nd of August for the theft of 480 gold Kruger Rands valued at R7.2 million.

Kevin Kaschula, the then foreign exchange supervisor at Nedbank, was convicted of theft in the regional court in East London last Friday and remains out on warning pending sentencing.

According to the charge sheet, the complainant, Elvin Victor Krull, rented a safety deposit box at Nedbank's Oxford Street branch in 1994 for the safe keeping of about 400 Kruger rands.

He purchased a further 400 coins during the course of the next year with Kaschula facilitating the purchase.

Some 20 years later, in May 2015, the complainant arranged to have the safety deposit box opened by a locksmith after losing the key.

It was then discovered that 400 of the coins were missing.

Eighty of Krull's gold Kruger Rands, valued at R1.2 million were subsequently recovered in Kaschula's personal safety box.