Home Court Stories Seretse’s P60 million 10-month spending spree

Seretse’s P60 million 10-month spending spree

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Seretse's P60 million 10-month spending spree
LARGER THAN LIFE: Seretse

*Bought 16 cars in the space of a year

In the wake of the ongoing legal tussle over the National Petroleum Fund (NPF) saga, it has come to light how Bakang Seretse allegedly siphoned public funds to sponsor a lavish lifestyle for himself and his allies.

In a shopping spree that would make a sultan blush, Seretse is said to have spent P60 million in less than a year.

Much of the cash was reportedly splashed on flash cars – 16 in total with the prized vehicle a Rolls Royce Phantom worth almost P3 million.

The government funds were initially instructed by the then Director of Energy in the Department of Energy, Kenneth Kerekang – Seretse’s co accused in the ongoing NPF court case – to be transferred to Afena Capital Botswana, where Seretse was the Managing Director.

The company was meant to deposit the P60 million into a bank account for the procurement of Government’s strategic oil stock through Botswana Oil.

However, DCEC investigators claim Seretse used the money for himself and his friends.

“It is important to set out a trail that shows how part of the P60, 000 000 was according to evidence used to buy the respondents properties and the persons or entities interested in such properties,” reads the court document seen by The Voice.

Seretse's P60 million 10-month spending spree
NOT AMUSED: Ngakaagae

According to the DCEC investigators, between August 2016 and June 2017 Seretse illegally spent the monies meant for Botswana Oil by allegedly buying expensive vehicles, posh watches and housing plots around Gaborone.

DCEC investigators are also of the view that further NPF funds were used to upgrade some of Seretse’s properties, such as his plot in Extension 11. According to court records Seretse used just over P5 million in government funds to improve his home.

One of the properties seized by DCEC according to court documents is, “A plot in Extension 11 made in favour of Baisis Points (Pty) Ltd, a company in which Bakang Seretse and Vusumuzi Mhlanzi are shareholders, which was demolished and rebuilt at a cost of P5, 330, 429 from 1st November 2017 (sic) to 17th May 2018.”

Seretse's P60 million 10-month spending spree
SEIZED: Seretse’s home

The brash businessman is said to have purchased a fleet of luxury cars, including a Rolls Royce Phantom worth P2, 997, 462.15, a Maserati Ghibi valued at over P1 million and a Mercedes Benz

According to the court documents, Seretse claims he has since sold the Maserati and Rolls Royce.

“He claims that the Rolex GMT Master 1 watch (worth ZAR 134 385.00) and the GYM equipment worth P310 727.70) went missing subsequent to an international trip by him to the United States of America. He also claims that he has sold the Maserati and Rolls Royce cars in South Africa,” reads the court document.