[imagesource: Gallo Images/OJ Koloti]

Former Bosasa COO Angelo Agrizzi is never going to go hungry.

Then again, Bosasa was awarded billions in dodgy government contracts, with a bag or two stuffed with cash usually given as a thank you in return, so all of those involved did alright for themselves.

The last time we mentioned Agrizzi, he had been held up at gunpoint at a petrol station on William Nicol Drive in Johannesburg, with the crooks said to have made off with around R378 000 worth of goods.

For most of us, that would leave a real dent, but Agrizzi appears to have quite a nice buffer to fall back on. We learnt this yesterday during his unsuccessful bail hearing at the Palm Ridge Magistrate’s Court, where he was accused of withholding information about the value of his assets.

News24 reports:

…together with his wife Deborah, [he] moved millions of rand offshore and into crypto currency accounts, a Gauteng court has heard.

Agrizzi bought a home in Italy worth about R15 million, disposed of assets including two multimillion-rand Ferrari sportscars, transferred millions of rand into multiple crypto currency accounts and moved millions more offshore to Italy – all while failing to service a bond with Absa on his luxury Dainfern home. The home was sold via auction last week for R9 million.

The last amount to be moved was a cool R30m, deposited into an offshore account of his wife on March 20 this year.

You can have a snoop around that Dainfern home that was auctioned here, if that’s your thing.

Agrizzi appeared on charges of corruption linked to security upgrades he allegedly gave to ANC MP Vincent Smith, as well as cash transferred into Smith’s personal bank account.

In return, Smith is alleged to have used his political influence to shield Bosasa from corruption allegations made against correctional services department officials, who awarded billions of rands worth of contracts to Bosasa.

Despite appearing with a small oxygen device, and claiming ill health, Agrizzi was denied bail, with the state arguing that he posed a flight risk.

More from IOL:

The State was adamant that Agrizzi was planning to flee the country and live an expensive lifestyle abroad.

During the bail judgment, [Magistrate Philip] Venter said Agrizzi had two opportunities to disclose his offshore investments, first, to the Pretoria Commercial Crimes Court and in the Palm Ridge Magistrates Court.

Image: Timothy Bernard/African News Agency/ANA

He did not, and this, said the magistrate, showed that he chose to keep it a secret although the assets were bought and moved legally with the knowledge of the local revenue services…

“The issue is why hide it? Why not disclose it from the onset?,” said Venter, adding that Agrizzi had at least two opportunities to disclose his investments.

The matter has now been postponed to December 3, 2020.

[sources:news24&iol]