Ntombi Nkosi
Johannesburg – The Bloemfontein High Court granted former Transnet board member Iqbal Sharma R500 000 bail under strict conditions.
In a virtual court sitting, Judge Joseph Mhlambi said the appellant is not a flight risk.
“I am therefore of the view that the appellant is not a flight risk, the appellant must be granted R500 000 bail with appropriate conditions,” said Mhlambi.
Mhlambi said the appellant would sign over his retirement amenity policy to the state within 72 hours of his release and furnish the state with his signed documentation confirming the same, the value of the retirement annuity policy which is worth R600 000.
“The appellant will give over to the state a full disclosure foreign assets which are held by him and his wife including the nature, location, appropriate bank accounts and details, to the National Prosecuting Authority (NPA) .
“The appellant should further inform the NPA of the relocation including the transfer of funds to other accounts and any assets mentioned, in 14 days prior to the relocation and the disposal of any of the mentioned things.
“The appellant must appear in the Bloemfontein Regional Court at 8.30am on September 6.
“He shall reside at his residential address in Sandton and report to the Sandton Police Station on Mondays, Wednesdays and Fridays between 8am and 8pm.
“He is prohibited from applying for any passport or travel document,” said Mhlambi.
Mhlambi sai Sharma may not leave Gauteng without the written permission of the investigating officer and he may not contact any of the State witnesses and he should not approach within 500m of any international departure point of South Africa.
Sharma is among 16 other co-accused persons and companies who will stand in the dock for defrauding the Free State Agriculture Department in 2011 of R25 million.