The Monitor :: Kgori Capital Loses Bid To Access Frozen Funds
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Last Updated
Monday 15 October 2018, 18:00 pm.
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Kgori Capital Loses Bid To Access Frozen Funds

Asset management company, Kgori Capital that is involved in a financial scandal has lost its bid to have partial access to its money sitting in a restrained account.
By Goitsemodimo Kaelo Mon 11 Jun 2018, 13:36 pm (GMT +2)
The Monitor :: Kgori Capital Loses Bid To Access Frozen Funds








This comes after the company launched an urgent application a fortnight ago to be allowed access to part of its funds in the restrained account before Lobatse High Court judge Godfrey Ntlhomiwa.

The company was seeking an order of the court to partially lift the freeze in respect of the restrained account because they are running out of funds to sustain the business.

Attorney Busang Manewe had disclosed to the court that Kgori Capital is facing closure after running out of funds to maintain its business. 

He stated that the company has “gotten desperate and is literally facing winding and closure of business as its current account has a little over P58 000”.

He argued that the account has far too little money with which to meet requirements of the business. He also argued that the company has now been forced to retrench staff and has no money to pay terminal benefits to the axed employees.

The company was seeking to be allowed access to P2.7 million as the sum for reasonable business expenditure and a further P825,000 for legal fees.

However, the DPP had argued that Kgori Capital’s assertion that their account has run dry cannot be demonstrated because the company has many other accounts, which they have access to.

On Friday, Ntlhomiwa dismissed the application with costs.

He said that in his view, he does not think the matter is

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urgent.

“The matter is not urgent. I don’t think the applicants have made a case to convince this court to agree that the matter is urgent.

The application for urgency does not succeed,” Ntlhomiwa said.

Ntlhomiwa also said that the applicants did not make a justifiable case for the court to agree with them that they are in dire need of the money for reasonable business expenditure.

He stated that in his view, the applicants were not candid with the truth in relation to the current status of the company as they failed to reveal some of the information relating to the numerous accounts they manage on behalf of their clients.

“The applicants were not candid enough to disclose all the information relating to the accounts they have.

It didn’t say what its benefits are for those accounts it is managing on behalf of these clients. So the application is dismissed with costs,” Ntlhomiwa added.

The application followed an application by the Directorate of Public Prosecution (DPP) for restraining and forfeiture Orders in terms of Sections 39 and 11 of the Proceeds and Instruments of Crime Act in relation to credit amount of P9,081,382.15 standing to the credit of call account held by Kgori Capital with Stanbic Bank Botswana.

The DPP later made an application for a civil penalty order in terms of the Proceeds and Instruments of Crime Act.

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