Staff Reporter
Gupta family ‘associate’ and former Transnet board member Iqbal Sharma has been granted R500 000 bail by the Free State High Court.
He won his bid for freedom after his initial attempt was thrown out by the Bloemfontein Regional Court last month after the state labelled him a flight risk.
But in a judgement delivered virtually on Wednesday, Judge Joseph Mhlambi ruled that Sharma was not a flight risk and that he was satisfied the accused had successfully proven this in his submissions.
Mhlambi said while Sharma faced serious charges, he has the right to remain innocent until proven guilty.
The judge said it was therefore in the interest of justice for Sharma to be released on bail.
Among the bail conditions, Sharma was ordered to report to Sandton Police Station three times a week on Monday, Wednesday and Friday between 8am and 8pm and stay at his Sandton home until his case is finalised.
He is not allowed to apply for a passport or visa during this period, while he is also not allowed to leave Gauteng without the permission of the investigating officer.
Sharma was ordered to sign over to the state his R600 000 retirement annuity policy within 72 hours of his release from prison as further surety.
He should also give the prosecution a detailed account of his finances and that of his wife.
He was also ordered to fully disclose his offshore finances.
And should he intend to make any transactions from his offshore accounts, he should furnish the investigating officer at least two weeks in advance.
Sharma and 16 other accused persons including companies face charges of defrauding the Free State agriculture department of R25 million in 2011 as well as money laundering.
Four of his co-accused who are currently in South Africa were granted bail last month.
They are former Free State Agriculture and Rural Development head, Mbana Peter Thabethe, his predecessor Limakatso Moorosi, the department’s former chief financial officer, Seipati Sylvia Dhlamini, and Sharma’s brother-in-law Dinesh Patel.
The former government officials are also charged with contravention of the Public Finance Management Act.
The matter relates to allegations of fraud in connection with a R25 million feasibility study contract that was irregularly granted to Nulane Investments 204 (Pty) Ltd, a company owned and controlled by Sharma, who is also a former Transnet board member.
The company was required to provide a report to the department within seven months.
Nulane subcontracted the work to Deloitte Consulting (Pty) Ltd for R1.5 million.
It then subcontracted the work already completed by Deloitte to Gateway Limited and paid the latter over R19 million.
