NPF management was blocked from tracking accounts - DPP

Nyakaagae, Kerekang and Seretse PIC: MORERI SEJAKGOMO
Nyakaagae, Kerekang and Seretse PIC: MORERI SEJAKGOMO

The Directorate of Public Prosecutions (DPP) is adamant that multi-million assets owned by local businessman Bakang Seretse were purchased through money from the National Petroleum Fund (NPF) and that High Court was right to order forfeiture of the assets.

The State believes that Seretse, who was at the time the managing director of Kgori Capital, an asset management company that was tasked with administering the NPF since winning the tender in January 2016, connived with the former director of energy in the then Ministry of Minerals and Water Resources, Kenneth Kerekang to move some of the funds from the NPF account.

Bakang and Kerekang were among those who were accused by the State of dipping their hands in the P250 million belonging to the national treasury when the scandal broke in early 2019. Trying to salvage the little that was remaining, the State made a forfeiture application against Seretse’s assets.

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