Agrizzi denied bail

News South Africa

Tebogo Msimanga |

Former BOSASA Chief Operations Officer, Angelo Agrizzi was denied bail on Wednesday by the Palm Ridge Specialised Commercial Crimes Court.

Agrizzi appeared alongside his co-accused Vincent Smith, who is currently out on bail on fraud and corruption charges.

The Investigating Directorate (ID) contended that Agrizzi lied in his previous bail affidavit of 06 February 2019, filed after his arrest in February 2019. He previously told the court that “my wife and I own movable assets valued at approximately R2 650 000.00 and immoveable property valued at approximately R14 000 000.00.”

Investigating Directorate Spokesperson Sindisiwe Twala said “ the true position is that as at 06 February 2019, the Agrizzis owned movable assets (excluding household furniture, jewellery and art) of R35.6 million and not R2.65 million. While he claimed he had “fixed property which I cannot afford to lose.”

Twala said Agrizzi did not disclose that the property is owned by the Agrizzi Family Trust and was being used as security for loans made to Agrizzi in his personal capacity by ABSA.

Agrizi failed to disclose that between 11 December 2018 and 19 January 2019, before and while appearing before the Zondo Commission of Enquiry into State Capture, he transferred R11.98 million and his wife transferred R11.99 million to off-shore accounts.

The matter was postponed to 03 December 2020.

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