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'Flight risk' Agrizzi denied bail after failing to disclose offshore millions

15 October 2020 10:25 AM
Tags:
Fraud and Corruption
Bail application
Angelo Agrizzi
flight risk
Bosasa corruption
bail denied

The bail application by former Bosasa COO Angelo Agrizzi has been denied by the Palm Ridge Magistrates Court.

Agrizzi is expected to remain in custody until his joint appearance with former ANC MP Vincent Smith in December.

It's alleged that Agrizzi paid a string of bribes to Smith when he was the COO of the corruption-accused facilities management company Bosasa (now named African Global Operations).

They are both facing fraud and corruption charges.

RELATED: Ex-ANC MP Vincent Smith out on R30k bail and he maintains his innocence

While Smith is currently out on bail, his co-accused Agrizzi was denied it because he was deemed to be a flight risk.

Former Bosasa COO Angelo Agrizzi appears in the Palm Ridge Magistrates Court on 14 October 2020. Agrizzi was denied bail in his corruption and bribery case. Picture: Xanderleigh Dookey/EWN

On Wednesday, the court heard how Agrizzi made deposits of up to R24 million into offshore investment accounts, which he failed to declare in his affidavit before the court.

RELATED: State opposes Agrizzi bail bid in Bosasa bribery case involving former ANC MP

Several financial transactions to offshore accounts were recorded between 2018 and early last year, reports EWN.

It's understood he also purchased a property and luxury car in Italy. Prosecutors suggested that Agrizzi may have gradually moved assets overseas in preparation to flee the country.

Agrizzi is expected to appear alongside Smith on Thursday 3 December. For now, he'll be remanded in custody.


15 October 2020 10:25 AM
Tags:
Fraud and Corruption
Bail application
Angelo Agrizzi
flight risk
Bosasa corruption
bail denied

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