Kgori Capital Cleared In NPF Money Laundering Scandal

Kgori Capital was one of the companies that came under the spotlight when the NPF, a statutory fund run under the Energy Affairs Department, hit the headlines in late 2017, with the State alleging that up to P230 million had been lost through money laundering linked to the national intelligence agency.

Then Directorate of Public Prosecutions (DPP) successfully froze Kgori’s accounts last year, arguing that the fund manager had helped itself to P10.5 million in management fees from the NPF despite the non-existence of a valid agreement. Following its final bid at CoA to recover the millions seized under the Proceeds and Instruments of Crime Act (PICA) as part of its investigations into the NPF scandal, the court has ruled in its favour and cleared it of the money laundering scandal.In the judgement the CoA, a bench of three judges, said there was no evidence of criminal offence on the part of Kgori Capital more so that the DPP had failed to present any such.