Johnathan Paoli
Hildegard Steenkamp from Boksburg was convicted and sentenced to an effective 50-year prison term for charges of fraud, theft and money laundering, related to her abuse of her position as an accountant.
The Johannesburg Commercial Crimes Court, sitting in Palm Ridge, sentenced Hildegard Steenkamp on Friday after she was found guilty of 336 charges related to the theft of R537 million from Medtronic (Pty) Ltd, where she worked as an accountant.
Earlier this year, Hildegard Steenkamp pleaded guilty to the 336 charges after being arrested in December 2017.
Steenkamp diverted tax refunds meant for her employer to her or her late husband’s bank accounts.
Steenkamp tried to cover up the theft by making fraudulent VAT claims from the South African Revenue Service, in mitigation she said she had done it because of threats from her abusive late husband who allegedly pressured her to continue stealing.
The embezzlement took place over a 12-year-period from December 2004 to December 2016.
During proceedings, the court heard how Steenkamp spent R65 million over a five-year period at a casino and went on international holidays worth R30 million, including regular trips to Dubai and lived an opulent life.
State prosecutor Tilas Chabalala previously said Steenkamp was not remorseful for her actions and that if she was truly remorseful, she would not have waited five years to plead guilty.
He argued that Steenkamp was motivated by greed, and as an accountant, she should have acted in better faith.
In imposing the sentence, Magistrate Phillip Venter said it was mind-boggling to try to comprehend how one employee stole so much money from her employer.
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