Seretse faces money laundering charges amounting to P326m
High Court Godfrey Radijeng today rejected an application by Bakang Seretse allowing him access to bank accounts in which he is a Director at Raging Bull(Pty)Ltd, Khulaco (Pty) Ltd and M and B (Pty) Ltd saying it could reasonably interfere with money laundering investigations against him.
“The alleged apparent conflict of interests by Bakang Seretse sitting on the one hand as Director of Kgori (Pty) Ltd at the same time as Director and shareholder at Khulaco (Pty) Ltd, a company in which the Government did not have a contract to transact with for purposes of National Petroleum Fund, the alleged unilateral authorisation of funds from the Fund by Kenneth Kerekang and the alleged appointment of Kgori as Fund Managers in the face of an alleged existing contract with Department of Energy with Basis Point Capital constitute evidence which viewed objectively may reasonably be believed to constitute offences,” said Radijeng.
Radjeng averred the Department of Public Prosecutions(DPP) which is pursuing money laundering charges totalling P326m against Bakang Seretse, Botho Felicia Leburuand Kenneth Kerekang had met lower standard of proof set out in the Khato Civils case, to enable them to get a restraining order freezing accounts of Bakang Seretse, who was Director of Kgori Capital.
The P250million disbursement to Khulaco (Pty) Ltd account at Capital Bank where Bakang Seretse was a Director, was allegedly not approved by National Petroleum Management Fund Committee, did not follow procedure for disbursements, was not opened for tender and was approved unilaterally by former Director of Department of Energy Kenneth Kerekang on the 7th August 2017.
The management of the National Petroleum Fund vested with Basis Point Capital (Pty) Ltd in terms of management contract signed with Department of Energy on the 16thDecember 2015. Kgori Capital was appointed by letter signed by Kenneth Kerekang, to be the Fund Managers despite existing contract signed with Basis Points Capital.
The Department of Prosecutions (DPP) argued today that the money derived from the disbursements of funds had found their way into accounts associated with Bakang Seretse and his associates for the purchase of 16 properties believed to be the proceeds of serious crime.
But Bakang Seretse’s lawyers argued if there was any illegality the Director General of Directorate of Intelligence Services (DIS) Isaac Kgosi, Permanent Secretary to Ministry of Mineral Resources, Green Technology and Energy Security and the Minister of Mineral Resources, Green Technology and Energy Security Advocate Sadique Kebonang should also be charged with money laundering.
Seretse’s lawyers were reluctant to talk to media after court proceedings where they were lost the application to unfreeze accounts and were ordered to pay costs saying they needed to study the judgement first before commenting on it.
“Judge just read out the order. We need to look closely at judgement,” said Attorney Kgosietsile Ngakaagae of Ngakaagae and Company.
