16 Mar 2026

Businessman Bakang Seretse and co-accused in the National Petroleum Fund (NPF) case will be prosecuted on delegated authority from the Directorate on Corruption and Economic Crime (DCEC).

Appearing before Regional court Magistrate Mr Mareledi Dipate on Thursday, DCEC Deputy Director Mr Thabo Malambane explained to the court that the Director of Public Prosecutions (DPP) has delegated him, Mr Othusitse Mabe, and Mr Ishmael Matsiara to prosecute the case involving Seretse, Sharifa Noor, Alphonse Molamu-Ndzinge, Kgari Capital, and Kgori Holdings until the case is closed.

Seretse and his co-accused face 63 charges, including two of stealing by agent, forgery of an official document, conspiracy to commit fraud, and money laundering.

The accused persons are alleged to have, on or about 29 May 2017, at or near Gaborone, being agents of the Botswana government, entrusted with property, namely money under the Botswana Petroleum Fund, fraudulently converted the sum of P15.6 million to the use of Kgori Holdings without the consent of the government, thereby stealing.

On the second count, they are alleged to have converted another P15.6 million to Kgori Holdings without the consent of the government, thus also stealing. On forgery, they are alleged to have made an official false document addressed to Kgori Capital to make payment to Kgori Holdings of a sum of P31.3 million as a fee for the development of the Revenue Collection and Reporting System, purporting it to be a genuine document.

On the fourth count, the accused persons are alleged to have worked together in concert on or about 18 October 2018, unlawfully and fraudulently conspired with other persons unknown to the state to defraud the government of P4 million by presenting an invoice dated 29 March 2017 to the Department of Energy, purporting that services in the sum of P31.3 million had been rendered, in which the Revenue Collection and Reporting System was allegedly procured, with intent to cause prejudice to the government.

The other 59 charges relate to money laundering, in which money was moved from Kgori Holdings to various bank accounts. Seretse appeared in person, while Mr Unoda Mack and Ramalepa represented Kgori Capital and Noor, Mr Quintan Maduwane represented Ndzinge.

The accused persons were admitted on bail on conditions that they bind themselves with P20, 000 and each provide two sureties who bind themselves with P10,000. The case is scheduled to mention for a status hearing on  April 14. BOPA