The ever-unfolding case of NPF looting

Bakang Seretse PIC: THALEFANG CHARLES
Bakang Seretse PIC: THALEFANG CHARLES

Every mention of the so-called National Petroleum Fund (NPF) looting case is an interesting episode playing out. On November 29, 2018, the Directorate of Public Prosecutions (DPP) quietly dropped the P250 million criminal prosecution against Bakang Seretse and two other others.

They brought new charges and added more accused persons. The six accused persons are High Court judge, Zein Kebonang, his twin brother former cabinet minister and Lobatse MP, Sadique Kebonang, executive director of BERA Kenneth Kerekang, asset manager Bakang Seretse and his younger brother Mogomotsi Seretse together with one Kago Stimela. The accused include six companies namely Khulaco (Pty) Ltd, Basis Points Capital (Pty) Ltd, M & B Properties (Pty) Ltd, Raging Bull (Pty) Ltd, Leomog (Pty) Ltd, STM Holdings (Pty) Ltd, were used in the alleged multimillion pula money laundering case. In November last year charges against Botho Leburu were dropped.

Then, the DPP brought new charges against Bakang Seretse. The charges emanated from a P60 million transfer made by the Ministry of Minerals, Green Technology and Energy Security to Basis Point Capital in March 2016. At the time of the alleged transfer, Kgomotso Abi was the permanent secretary in the Ministry and Kitso Mokaila was the minister.

Editor's Comment
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