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.
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
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.