Machanik admits guilt, regrets actions

Former estate agent Wendy Machanik deeply regrets the actions that led to her conviction on 90 counts of theft, she wrote in a newspaper opinion piece on Sunday.

"I'd like to hereby state clearly and unambiguously that, yes, I am guilty of unlawfully accessing my company's trust fund to the value of R17 million, but not in the manner or for the reasons portrayed," Machanik wrote in the Sunday Times.

Machanik was fined R1.5 million by the Johannesburg Specialised Commercial Crimes Court last month under a plea agreement in terms of which she admitting to 90 counts of theft totalling R27m, and two of failing to keep proper records of her company's trust fund. She wrote yesterday that her business, Wendy Machanik Properties, was hit by the economic downturn in 2007 and that she borrowed from the trust in an attempt to save her employees' jobs.

"Looking back now, I know what I should have done. I should have allowed the company to fold, declared bankruptcy and walked away...

"But I felt it was my responsibility to my employees and their families..."

Machanik said she paid back the money, but was later contacted by people who wanted to extort money from her in exchange for their silence.

She was now virtually penniless and was about to start a sentence of long-term house arrest.
The court fined Machanik R1 000 (or a year's imprisonment), suspended for three years, for failing to keep and audit accounting records.

She was also sentenced to three years' correctional supervision and fined R1.5m.

(The Mercury)

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 22 Mar 2018
      Sustainability is currently a hot topic in the home and construction sector. In light of the progressing climate change and shrinking resources worldwide, it’s one of the most important issues to consider. Sustainable living is the practice of reducing your demand on natural resources by making sure that you replace what you use to the best of your ability.
    • 22 Mar 2018
      The 1% VAT increase which is set to take effect as of 1 April 2018 has set the country alight with many burning questions, most of which cannot be comprehensively answered by our knowledgeable friend Google.
    • 22 Mar 2018
      The picturesque and oft-misty town of Dullstroom in Mpumalanga belies its name. Judging by the rapidly increasing influx of weekend visitors, many of whom then look to acquire property here, it’s anything but dull, quips Anton Greeff, Pam Golding Properties area principal.
    • 20 Mar 2018
      Located close to the fast growing Fourways precinct, Dainfern continues to attract local and international interest from buyers seeking a secure lifestyle with affordable entry price of approximately R3 million.
    • 20 Mar 2018
      Property owners in the Durban CBD are addressing the affordability challenge that faces many prospective tenants in their area – and reconfiguring the inner city rental market in the process.
    • 20 Mar 2018
      One of the most misunderstood concepts in the process of selling a property is an exclusive or sole mandate.
    • 19 Mar 2018
      If a landlord opts to use a managing agent for the rental of his or her property, the inspection process can be easier as the agent is not emotionally involved and will certainly have concluded an in-depth inspection report in the interests of all parties.
    • 19 Mar 2018
      We all wish we could have the cheat sheet for selling a property – a simple Ctrl+Shift+C code that will magically secure an offer on your home in an instant. Though it is not possible to provide you with this cheat code (sadly, reality does not come with such perks), it is possible to provide you with a list of the most common blunders some of your neighbours have committed in their efforts to sell their homes
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us