NPA to oppose bail of former Kaizer Chiefs Spokesperson
The National Prosecuting Authority says they will oppose bail in the fraud and corruption case former Kaizer Chiefs spokesperson, Louis Tshakoane.
Louis Tshakoane (74), his wife Suzan Tshakoane (59) and Louis Tshakoane junior (34) appeared in the Palm Ridge Specialised Commercial Crimes Court on Wednesday, 17 May 2023 on charges of fraud, theft, money laundering and contravention of the Financial Advisory and Intermediary Services Act. Father was arrested at a funeral in Mamelodi, east of Pretoria following an execution of a warrant of arrest by the Hawks’ Serious Commercial Crime Investigation based in Johannesburg in relation to an ongoing investigation into an unregistered investment scheme.
The accused are alleged to have benefitted from the proceeds of the unregistered investment company known as Undercover Billionaires. He is reported to have participated in the presentations aimed at enticing potential investors with a promise of high returns. The amount of investments tendered is approximately R100 million. Louis Tshakoane junior, 34-year-old was arrested in a residence at Kempton Park. His first arrest was in 2019 where he was granted bail of R70 000-00. The accused then made a series of appearances but later absconded. His arrest was as result of a bench warrant for which he forfeited his bail.
The trio will appear again in the Palm Ridge Specialised Commercial Crimes Court on 23 May for formal bail application
Gauteng NPA spokesperson Phindi Mjonondwana says, “Well as the state we will be opposing bail citing amongst others that the accused are flight risks. At the initial stage when this trial started, we only had accused number one, Kgopotso, and then he was granted bail for R75 000 in March 2018. Then the trial resumed and then he absconded and never attended court.
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