South Africa: Former CEO of the Road Accident Fund Eugene Watson Faces Rocky Legal Road After Fraud Allegations

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A Johannesburg-based businessman has accused Eugene Watson, the former head of the Road Accident Fund, of acting fraudulently and dodging R23-million in debt payments.

First published in the Daily Maverick 168 weekly newspaper.

Eugene Watson, the former CEO of the Government Employees' Medical Scheme (Gems) and the Road Accident Fund (RAF), is facing a criminal case of fraud and theft in connection with millions of rands he owes to a Johannesburg-based businessman who invested in his advisory and consultancy firm.

Yasas Jayakody, the managing director of project management firm Aquila Projects, has accused Watson of failing to honour payments totalling R23-million (excluding accrued interest) - linked to a series of investments that he made in Watson's firm, starting in 2018.

Jayakody told DM168 he was enticed into investing in Watson's firm, Watson Consultancy, with the promise of "lucrative returns". The returns would be generated from the investments Watson Consultancy makes in businesses across various sectors including healthcare, insurance and litigation funding. Jayakody has also accused Watson of acting fraudulently because he has repeatedly missed self-imposed deadlines to pay returns (capital amounts invested and interest) when they fall due.

On Wednesday, 7 April, Jayakody opened a criminal case of fraud and...

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