Mmegi Online :: Behind Seretse's P42 million commission from DIS
Banners
Banners
Banners
Banners
Last Updated
Tuesday 20 November 2018, 13:46 pm.
Banners
Behind Seretse's P42 million commission from DIS

The High Court yesterday heard that businessman Bakang Seretse appropriated P42 million of the money allocated to the Directorate of Intelligence and Security (DIS) claiming it was his commission.
By Oarabile Mosikare Fri 29 Dec 2017, 08:00 am (GMT +2)
Mmegi Online :: Behind Seretse's P42 million commission from DIS








This was revealed in an application in which the Directorate of Public Prosecutions (DPP) wants Seretse to be restrained from disposing of some of his properties and credit account balances. Seretse and two others are facing money laundering charges. 

"They appropriated P42 million of the money allocated to DIS under the guise of a letter written by the Department of Energy not the DIS. Then they claimed it is their fees. The Act was never followed how the money is disbursed," attorney Ernest Mosate told Justice Godfrey Radijeng. 

Mosate submitted that the P42 million laundered was placed under different accounts and bought properties. He added that Seretse is a shareholder and director of Kgori Capital and he disbursed funds

Banners

to Khulaco (PTY) Limited at which he is also a shareholder and director. "He is a signatory in both companies," he said adding that this amounts to conflict of interest. 

This he also said violated the rules notwithstanding the letters they wrote back and forth, he violated the procedures and as a result public funds were used for wrong purposes under his watchful eye.

Mosate submitted that the purpose of this application was to seek a restraining order to satisfy Forfeiture Order and Civil Penalty Order. "They paid themselves from DIS funds without authorisation. We plead with the Court to confirm the order in respect of Seretse, Khalaco and Basis Point Company."

Ruling is on January 10, 2018.

Subscribe to our Newsletter
Banners
Banners
Banners


News
Fri 29 Dec 2017, 08:00 am
Thu 28 Dec 2017, 13:00 pm
Fri 22 Dec 2017, 12:59 pm
Fri 22 Dec 2017, 12:56 pm
Fri 22 Dec 2017, 12:47 pm
Thu 21 Dec 2017, 18:00 pm
Thu 21 Dec 2017, 14:58 pm
Thu 21 Dec 2017, 14:22 pm
Thu 21 Dec 2017, 13:55 pm
Thu 21 Dec 2017, 13:55 pm
Thu 21 Dec 2017, 13:49 pm
Thu 21 Dec 2017, 13:49 pm
Thu 21 Dec 2017, 09:50 am
Wed 20 Dec 2017, 19:00 pm
Wed 20 Dec 2017, 18:27 pm
Wed 20 Dec 2017, 18:11 pm
Wed 20 Dec 2017, 18:07 pm
Wed 20 Dec 2017, 18:06 pm
Wed 20 Dec 2017, 17:31 pm
Wed 20 Dec 2017, 17:25 pm
Tue 19 Dec 2017, 17:10 pm
Tue 19 Dec 2017, 17:00 pm
Tue 19 Dec 2017, 17:00 pm
Tue 19 Dec 2017, 16:53 pm
Tue 19 Dec 2017, 16:45 pm
Banners
Banners
Subscribe to our Newsletter
have a story? Send us a Tip
Banners
  • Previous
    Next
    Masa Centre
    ::: Wednesday 21 Nov - Wednesday 21 Nov :::
  • Previous
    Next
    Riverwalk
    ::: Wednesday 21 Nov - Wednesday 21 Nov :::
  • Previous
    Next
    Gamecity
    ::: Wednesday 21 Nov - Wednesday 21 Nov :::
Selefu
Judges
Banners
Banners
istanbul escort