Kgori Capital judgement reserved for November

Manewe said this on Friday before Justice Godfrey Ntlhomiwa when he argued on behalf of Kgori Capital against a civil penalty order application made by the Directorate of Public Prosecutions (DPP) in relation to the frozen P9, 081, 382.15 held in the asset management company’s accounts as management fees.

DPP has applied that the court pronounce that Kgori Capital, which was subcontracted by Basis Point Capital to be the investment and asset managers of the National Petroleum Fund (NPF) benefited from serious crime activity, and thereupon to order a civil penalty order against them for the respondents to pay to the government the money which the court ultimately determines, after assessment, were benefits from serous crime related activities. The DPP argues that the fees were contrary to the P15,6 million Consultancy Agreement entered into by the government and Basis Point Capital.