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Bakang Seretse granted bail

Publishing Date : 16 January, 2018


Gaborone potent entrepreneur and socialite, Bakang Seretse was yesterday granted bail in a matter in which he faces one count of money laundering.

Seretse was given bail together with co-accused, Botho Leburu and Kenneth Kerekang after appearing briefly at the Gaborone Regional Magistrate requesting for freedom from jail pending the main case. The trio has been kept in police custody since Sunday although they appeared on Tuesday at court and immediately whisked back to the four corners of prison. When granting them bail on Friday in a packed court room which overflowed outside, the Gaborone Regional Magistrate south, Christopher Gabanagae ordered that the accused be granted bail.

He said the state through the Botswana Police Service (BPS) failed to prove why the accused do not deserve to be bailed. He added that they be “granted bail provided that they all pay P30 000 each and P10 000 surety from two of their personal preferred associates.” 
They also surrendered their passports so that they do not get tempted to skip the country to escape justice pending the deliberations on the matter.  Magistrate Gabanagae also ruled that they should report to Gaborone West police station every Friday until the case is resumed and completed.

Seretse’s well-regarded Gaborone attorney Kgosi Ngakaagae also told Weekend Post outside court that indeed “Yes I can confirm that the accused all got bailed on ordinary condition,” he said adding that “they will foot out P30 000 each and P10 000 surety, so it’s a cash bail.” 
When asked how he sees the judgement he stated that “it’s what the Magistrate considered reasonable and it’s not for me to judge. We are going to sit down and map a way forward from here.”  

Seretse who is Managing Director of Kgori Capital is in his personal capacity implicated in a case involving P326 million which is perceived as thus far the leading financial scandal in monetary value.  The company has apparently been administering the National Petroleum Fund (NPF) since 2016. It is also understood that Minister of Mineral Resources, Green technology and Energy Security Sadique Kebonang is also by virtue of his position, which houses Department of Energy, also drawn in. 

It is alleged that Money from fuel levy (NPF) which falls under Kebonang’s ministry was transmitted to one of Seretse’s company accounts. It is also alleged that another company by Seretse and Minister Kebonang’s close family member was given sole responsibility to manage the construction of government’s strategic fuel reserve tanks. The matter is scheduled for end of January next year.



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