'I didn't steal anything'
Mpho Mokwape | Monday March 16, 2026 06:00
Seretse is facing renewed charges linked to transactions involving the National Petroleum Fund (NPF) and his company, Kgori Capital. Prosecutors allege that he stole P15.68 million as an agent of the government and committed other offences connected to the management of funds.
Responding to the development, Seretse said he had previously gone through what he described as a long and difficult prosecution that lasted about nine years. Because of that experience, he said the decision to bring the charges again did not come as a surprise.
“I have been down this road before. I endured what I consider to have been a difficult and unwarranted prosecution for about nine years,” Seretse said.
He said he had anticipated that something like this might happen, particularly because some of the officials involved in the earlier matter are still working within the Directorate on Corruption and Economic Crime (DCEC) and other related institutions.
Seretse said he believes there may be individuals who think the earlier NPF case was not handled properly and who now want to revisit it. However, he pointed out that courts have already made decisions relating to the contract between the government and Kgori Capital.
According to Seretse, both the High Court and the Court of Appeal have issued judgments dealing with the contract and the transactions that arose from it. He said those rulings addressed key issues connected to the matter.
Despite the new charges, Seretse said he maintains his innocence and will defend himself through the legal process.
“For my part, I maintain my innocence and will address the matter through the courts. Ultimately, only the courts can vindicate me,” he said.
Although he said the reinstatement of the charges was not surprising, Seretse noted that he was puzzled by certain aspects of the development. He said the Court of Appeal had already issued a detailed judgment that examined the government’s contract with Kgori Capital and the transactions linked to it.
Given that context, he said it was difficult for him to understand how new criminal charges could be built around issues that were already examined by the courts.
“What surprises me is that there is already a clear and detailed judgment from the Court of Appeal which dealt extensively with the contract between the government and Kgori Capital,” he said.
Seretse also questioned why it took so long for the charges to be brought again, especially after the earlier case did not succeed.
He said he believes the new charges appear to revisit the same issues that were addressed previously. According to him, the case centres on a single contract, but the allegations now seem to divide that agreement into several transactions.
“There was only one contract. It now seems to be broken down into several alleged transactions,” Seretse said.
Seretse said the courts had already examined the contract and the transactions that followed from it. Because of that, he believes the new case may be influenced by factors beyond the legal merits of the issue.
However, he said he will allow the courts to determine the matter.
The businessman also said the Kgori Capital issue has already been examined in both civil and criminal proceedings. He stated that those processes resulted in decisions that cleared both him and the company of wrongdoing.
From his perspective, Seretse said the revival of the charges appears unnecessary and may create additional costs for taxpayers.
“The Kgori Capital matter has already been examined in both civil and criminal proceedings. In those processes, the company and I were vindicated,” he said.
When asked whether the new case might involve new evidence, Seretse said he was not aware of any new information that was not already available to investigators during earlier proceedings.
“To my knowledge, all the facts were already before the authorities during the earlier NPF proceedings,” he said.
He added that he believes the same facts are now being approached differently. Seretse repeated that he did not steal any money and said his actions were carried out under a government contract.
“I did not steal anything, and I acted in accordance with the government contract at all material times,” he said.
Seretse also said he has not been informed of any major differences between the earlier case and the current charges. According to him, some of the transactions listed in the new charge sheet are the same ones that were examined by the Court of Appeal during civil penalty proceedings brought by the government.
Those proceedings were dismissed, he said.
Seretse added that if wrongdoing could not be proven during civil proceedings, which require a lower standard of proof, it raises questions about whether the same facts could meet the higher standard required in criminal cases.
In the current matter, prosecutors allege that Seretse stole P15.68 million while acting as an agent of the government.
Responding to that accusation, Seretse said the contract at the centre of the case was drafted by the Attorney General and awarded by the government itself. He said he did not award the contract to himself.
“I find that allegation difficult to reconcile with the fact that the contract in question was drafted by the Attorney General and awarded by the government,” he said.
Seretse also faces a charge related to the alleged forgery of a letter said to have come from the Department of Energy. Asked about that claim, he said he has no knowledge of the document.
“I have no knowledge of such a letter,” he said, adding that he believes the allegation is unfounded.
Another allegation in the charge sheet states that an invoice worth P31.36 million was issued with the intention of defrauding the government.
Seretse rejected that claim and said he never had any intention to defraud anyone. He stated that any invoices issued were part of the contractual arrangements governing the work that was carried out.
“I never had any intention to defraud anyone,” he said.
He added that he will wait to see the details of the evidence that prosecutors present in court before responding fully to the claims.
Seretse was also asked about the relationship between Kgori Capital and another company, Kgori Holdings, at the time of the transactions mentioned in the case.
He said the arrangement was governed by the same contract that had been discussed in earlier court proceedings. According to him, all activities were carried out within the framework of that agreement.
Seretse noted that the contract had previously been presented in court, and at one point, the government itself disputed whether the agreement existed before the courts examined it.
He said any subcontracting arrangements that took place were done in line with the provisions of that contract.
As the matter returns to court, Seretse said he still has confidence in the country’s judicial system.
“If the case is judged strictly on the law and the facts, I believe the courts will vindicate me, as happened previously,” he said.
Seretse added that judges and magistrates take an oath to administer justice without fear or favour, and he believes the courts will follow that principle as the case proceeds.
For now, he said he will wait for the legal process to unfold while preparing to defend himself against the charges.
“I remain confident that the truth will emerge through the judicial process. I have always maintained my innocence, and I look forward to clearing my name once again before the courts,” Seretse concluded.