Western Areas has said Brett Kebble siphoned away 99 percent of the shares from the gold mining company's incentive trust, according to a Business Day report on Wednesday.

In recent weeks forensic reports have revealed fraud in the region of R2-billion from JCI and Rangold.

Kebble was CEO of both companies as well as Western Areas until he was replaced last August, a month before he was gunned down.

The business daily noted that this latest development was significant as it showed that Kebble's fraud was not limited to only JCI and Randgold, but extended to Western Areas as well.

A KPMG investigation at Western Areas found that although the share trust should have contained 500 640 shares, it in fact only contained 640 shares.

Western Areas said in its annual report on Tuesday that it appears that Kebble, directly or indirectly, was responsible for the removal of the shares without compensation.

According to the newspaper report, the company said it would seek a R7.4-million claim from Kebble's estate.

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