Sunday, April 21, 2024


A suspect in the National Petroleum Fund (NPF) money laundering case and businessman Bakang Seretse has turned the tables on the state.

Seretse has served Permanent Secretary in the Ministry of Mineral Resources, Green Technology and Energy Security with a statutory notice as he intends to take government to court for non-payment over services that his company had rendered for the ministry.

Seretse’s company, Basis Points Capital, had entered into a contract with the Ministry for transactional advisory services for financing development and construction of bulk petroleum storage at Tshele Hills.

According to the statutory notice, the total price was in the sum of more than P21 million. Through his lawyers, Ngakaagae Attorneys, Seretse informed the Ministry that “your side signed off and approved final payments invoices.”

“It was a salient express, alternatively implied terms of the contract that the amount to be paid at different stages in terms of invoices given upon completion of work done,” the lawyers stated. They added that “several have since been given and honoured. Client invoiced your side the sum of P5 483,704 10 for services rendered.”

The lawyers further stated that Basis Points Capital has performed all its obligations in terms of the contract.

“Your side has neglected or refused to pay the invoice…You are therefore liable to client in the sum of P5 483,704 10 which amount is due and payable. In the event of failure to heed this statutory notice client shall proceed to issue summons and obtain summary judgment against you,” stated Ngakaagae Attorneys.

The lawyers added that “Notwithstanding lawful demand your side has failed to heed a prior demand letter to pay the invoice aforesaid. Statutory notice of intention to sue is hereby accordingly given.”

Currently Seretse and former director of energy Kenneth Kerekang, Khulaco (Pty) ltd, Basis Point (both companies represented by Bakang as Director), M & B Properties Pty ltd ( represented by Bakang Seretse as Director), are facing money laundering charges.

Other accused person in the saga are Member of Parliament for Lobatse and former Energy Minister Sadique Kebonang, Raging Bull Pty ltd- (represented by Sadique Kebonang as Director), High Court Judge Zein Kebonang, Mogomotsi Seretse, Leomog Pty ltd- (represented by Mogomotsi Seretse as Director), Kago Stimela and STM Holdings Pty ltd- (represented by Kago Stimela as Director).

There are 65 counts in the charge sheet most of which are for money laundering.


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