Bakang Seretse and his company, Khulaco, may have lost their appeal in spectacular fashion, but the Court of Appeal refused to make two findings that would have carried even heavier consequences.
Despite describing the case in unusually strong language, the court declined to find that Seretse had committed fraud.
The judgment leaves Seretse facing an order to repay P42 million. But the court drew a distinction between the serious allegations made by government and what it could determine on the evidence before it.
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