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Sebitlo halts seizure

By unknown | Jul 11, 2007 | COMMENTS [ 0 ]

Elisha Molefe

Elisha Molefe

Former ABSA Bank financial planner and broker Odirile Sebitlo is back in the news - after preventing the Asset Forfeiture Unit (AFU) from seizing his modest house in Mmabatho, North West.

Sebitlo had his assets, which included expensive computers and laptops, seized in December 2005, after he had been linked to a fraud case involving the loss of R1,3 million from the the bank's Mafikeng branch.

Molopo police spokesman Superintendent Keaobaka Moses said Sebitlo on Monday managed to pay the R1850000 needed by the AFU for him to retain his home.

An internal investigation conducted by ABSA revealed that Sebitlo had used the money to secure himself expensive office equipment, furniture and expensive cars.

Before he was disgraced, Sebitlo owned a Volvo, a Volkswagen A4, a Jetta 1.6, a Porsche Boxster and a PT Cruiser.

Efforts to gain comment from the AFU proved unsuccessful.


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