More charges for Seretse & Co in P31m NPF case
Mpho Mokwape | Monday March 16, 2026 06:00
Seretse, a director of Kgori Capital (Pty) Ltd, has been charged alongside fellow directors Sharifa Noor and Alphonse Molamu Ndzinge. The companies Kgori Capital (Pty) Ltd and Kgori Holdings (Pty) Ltd are also listed as accused in the matter.
According to the charge sheet issued this week by prosecutor Thabo Malambane of the Directorate of Public Prosecutions (DPP), the case initially contained four counts but has now expanded to a total of 64 charges.
Seretse is cited in most of the charges, while the other accused persons appear in several of the counts alongside him.
The charges include allegations of stealing by agent, forgery of an official document, and conspiracy to defraud, all under the Penal Code of Botswana.
In the original first and second counts, Seretse and his co-accused are charged with stealing by agent, contrary to Section 279(b) of the Penal Code.
The prosecution alleges that on or about June 12, 2017, at or near Gaborone, the accused persons, acting together and in concert, were agents of the Government of Botswana entrusted with money under the National Petroleum Fund.
According to the particulars, they allegedly fraudulently converted P15, 680,000 to the use of Kgori Holdings (Pty) Ltd without the consent of the government.
The charge sheet states that the money had been entrusted to them in their capacity as agents handling funds connected to government resources.
The case also includes charges relating to the alleged creation of a false official document.
In one of the counts, Seretse and Sharifa Noor are accused of forging a document said to have been issued by the Department of Energy.
The prosecution alleges that on or about May 18, 2017, at or near Gaborone, the two unlawfully and with intent to deceive or defraud created a false document.
The document is described as a letter dated May 18, 2017, addressed to Kgori Capital.
According to the charge sheet, the letter instructed Kgori Capital to make payment to Kgori Holdings (Pty) Ltd in the sum of P31, 360,000 as a fee for the deployment of a Revenue Collection and Reporting System.
The letter allegedly appeared to be a genuine document issued by the Department of Energy under the Ministry of Minerals, Energy and Water Resources, as the ministry was then known.
However, the prosecution alleges that the document was false and not authorised by the department.
Another charge relates to an alleged conspiracy to defraud the Government of Botswana.
In that count, Seretse, Noor, Ndzinge, and the two companies are accused of conspiring together, as well as with other persons unknown to the State, to defraud the government.
The particulars state that on or about March 29, 2017, at or near Gaborone, the accused persons allegedly issued an invoice dated March 29, 2017, bearing document number PRO001, to the Department of Energy.
The invoice allegedly stated that services worth P31,360,000 had been rendered.
Prosecutors allege that the invoice was issued with the intention of causing prejudice to the Government of Botswana.
Across the charges, Seretse and his co-accused are alleged to have been involved in the conversion of P15, 680,000, and documentation referring to P31, 360,000.
The charge sheet describes the accused persons as having acted “together and in concert” in carrying out the alleged offences.
The expansion of the case from four charges to 64 significantly broadens the scope of the prosecution.
Authorities allege that the various charges relate to a series of transactions and documents connected to the National Petroleum Fund and the Department of Energy.
Seretse has previously been a prominent figure in Botswana’s financial sector through his role at Kgori Capital, an investment management company that has managed funds linked to public institutions and government-related investments.
The current charges relate to alleged actions that took place in March, May, and June 2017.
These actions involve funds connected to the National Petroleum Fund, and documents said to have originated from the Department of Energy within the then Ministry of Minerals, Energy, and Water Resources.
Authorities allege that the accused persons worked together in the transactions and documentation linked to the case.
Seretse and his co-accused are expected to respond to the expanded list of charges as State moves to recover the alleged missing funds from the P450m NPF scandal.