Ex-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 spokesman Mthunzi Mhaga said Rautenbach, a Zimbabwean who fled SA 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 R40m fine in terms of a plea agreement on Friday.
“He had to pay R10m of that R40m immediately,” said Mhaga. The remaining money will be paid in instalments — R15m to the SA Revenue Service and another R15m to the Criminal Asset Recovery Fund.
“In the event that he fails to make payment, we have secured his farm, worth more than R30m, in Paarl in the Western
Cape,” said Mhaga. — Sapa