The Directorate on Corruption and Economic Crime (DCEC) is taking the Minister of Minerals and Energy Minister Sadique Kebonang to task over a questionable transfer of all his company shares to businessman Bakang Seretse.
Seretse and his co-accused, business partner Botho Leburu and former Director of Energy Affairs Kenneth Kerekang who are on bail are currently facing money laundering charges.
In papers before court filed on behalf of the Directorate and Public Prosecutions (DPP), a DCEC investigation officer, Tsholofelo Bareetsi queries claims that Kebonang has divested from a company called Raging Bull a (Pty) Ltd and transferred all its shares to Seretse.
Giving a background of how Kebonang bought properties as the director of Raging Bull (Pty) Ltd, Bareetsi said that “from my investigations, in August 2017, Minister Sadique Kebonang asked the Director of Seeff Properties Kim Annemarie Bekker to look for 2 investment properties as he has some funds becoming available.”
Bekker in turn identified two properties being Lease Area 3338-Ko known as Unit 9, Nkwe Court, acquired from Amo Investment for P2, 250 000.00 plus value added tax and that Bekker further identified Unit 17 , iTowers listed above for purchase price of P2,400, 000.00 inclusive of value added tax.
“…That Minister Kebonang then decided to purchase a third property being Unit D4 Becomville, Sectional Title scheme on Lot 75448 from Mwinda Alley (Pty) Ltd for a purchase price of BQP 1,248,800.00 plus value added tax,” said Bareetsi.
He also discovered that as result of insufficient Funds Kebonang arranged for two payments of cheques from M&B Properties (Pty) Ltd (company owned by Seretse) for P190, 000.00 on the October 2017 and from Farouk Ismail for BWP 400,000.00 to cover the shortfall.”
“These (sic) clearly shows that Minister Kebonang and his wife are persons with interests in these properties and in Raging Bull (Pty) Ltd,” said Bareetsi.
He further noted that “I state that official records from the Companies and Intellectual Property Authority (CIPA) showed that Raging Bull (Pty) Ltd was initially owned by one Clive Charles Eaton who held on hundred issued shares in the company as at 13 January 2017 in terms of the annual returns filed on same date.”
He added that “it is further clear that by the 5th October 2017, both Minister Sadique Kebonang and Thuna Milikani Oratile Kebonang became the beneficial owners of the entire 100 shares in the company held at 50 shares per person, amongst themselves.”
Bareetsi stated that his investigations also showed that the company started acquiring landed property in the same month from October 25 2017 and by the 3rd of November had acquired three landed properties.
“That with investigations in this matter, having started, the transfer of the Bemcoville property… was purportedly withdrawn from the Deeds Registry in the course of registration. That whilst these documents were requested and not as yet availed by CIPA, same were filed as supporting documents for the transfer of property known as Lease Are No. 3338-KO purchased from an entity known as Amo Investments Pty Ltd to Raging Bull (Pty) Ltd …” he said.
Bareetsi said that following the arrests of Seretse and others, a letter dated 13 December 2017 from Ngakayagae and Company with an attachment dated 11 December 2017 purporting to cancel the transfers was delivered to DPP office, seeking to remove Minister Kebonang and interposing Seretse as the person with an interest in Raging Bull (Pty) Ltd.
“The Respondent (Seretse) therefore cannot give instructions on behalf of Raging Bull (Pty) Ltd in this matter as it pertains to issues which arose when he had no interest in Raging Bull (Pty) Limited,” said Bareetsi.
He added that Seretse claims to have acquired interest in Raging Bull (Pty) Limited without any evidence being attached.
“Further the Respondent (Seretse) conveniently avoids to take the court into his confidence of when he acquired an interest in Raging Bull (Pty) Ltd let alone the background to its acquisition, i.e. when Sadique Kebonang purported to divest himself of the any interest in the company.” he said.
Bareetsi further described the letter from Seretse’s lawyers “…seeking to remove Minister Kebonang and interposing Seretse as the person with an interest in Raging Bull (Pty) Ltd” as a “clear and flagrant lack of candour and forthrightness.”