Beleaguered asset manager Bakang Seretse will have to wait a little longer before getting his money back after the court, yet again, postponed his contempt of court application against the State.
Bakang, who is battling a money laundering charge, had recently succeeded in court to be given back some of his assets held by the Office of the Receiver on behalf of the State.
Lobatse High Court judge Gaolapelwe Ketlogetswe had granted an order compelling the State to release his properties in the sum of P82 million belonging to some of the companies he owned. The order was for the State to release the properties within 24 hours of the order.
However, his victory was short-lived as in a turn of events the State failed to do so forcing the embattled businessman to file a contempt of court application, which the State has also countered with a stay of execution application.
The matter was first scheduled to be heard on November 13, 2020, but was postponed after Seretse’s attorney, Kgosietsile Ngakaagae was reported ill. The judge then set the hearing of the matter for November 20, 2020.
On Friday, Justice Ketlogetswe yet again postponed the matter and set it
“Both parties are excused from attending on the day,” Ketlogetswe ordered on Friday.
It is said that they had been granted permission not to attend the sessions until Ngakaagae has fully recovered from his ailment.
When launching an application seeking an order compelling the State to release his assets, Seretse had wanted the matter to be expeditiously dealt with as he indicated that his businesses have been severely crippled, while his livelihood and that of his co-shareholder, Mogomotsi Seretse have grinded to a halt by the unlawful retention of their properties.
He had said, as at the end of October, the companies would not be able to pay any salaries for their 23 combined employees as some are already in debt and living purely at the mercy of creditors.
Meanwhile, the State maintains that there was no wilful disobedience of Justice Ketlogetswe’s ruling, which compelled it to release Seretse’s money.