This is to allow him to make a determination on “possible” bail conditions should he overturn the denial of bail for Sharma. The state wanted the matter to be postponed for another two weeks to obtain documentation that would help ascertain the value of Issar Global - in which Sharma is a 50% shareholder - to help them with possible bail condition recommendations. 

Prosecutor Peter Serunye pointed out that previously the former Deputy Director-General (DDG) of the Department of Trade and Industry (DTI) was not entirely truthful about the Issar Global account in the United Arab Emirates (UAE). Mhlambi denied the state’s request for postponement after Sharma’s legal counsel, Mannie Witz, said they have already provided the prosecution with the share certificate for Issar Global and other documents relating to the alleged Gupta affiliate’s retirement annuities for bail reference but are struggling to get Sharma to sign off on documentation for access to Issa Global’s banking records due to stringent Covid-19 restrictions by Correctional Services that makes it impossible for anyone including an inmate’s family members or legal counsel to enter the Grootvlei Prison.

Witz argued in proceedings this past Friday, 9 July, that his client is not the flight risk that he has been made out to be by the prosecution and has, in fact, always returned home to South Africa from his extensive travels abroad. He further reiterated that Sharma has been aware of investigations into his affairs for some time and has not only cooperated with authorities but did not flee the country. 

Witz, who previously represented former Bosasa Chief Operating Officer (COO), Angelo Agrizzi, in criminal proceedings emanating from the Commission of Inquiry into State Capture, says the state tried to also have bail denied for Agrizzi in the way they have done with Sharma, but failed to do so after the October 2020 bail denial was overturned. 

On 14 October 2020, Agrizzi was denied bail by the Specialised Commercial Crime Court. Agrizzi appealed Magistrate Phillip Venter's ruling in the South Gauteng High Court in late October 2020 and the latter found in his favour, granting him what was then to be estimated as R16 million bail, he put up his house in Italy as surety. “On appeal in the South Gauteng High Court division, Agrizzi, who is a man of assets, who had money and property overseas, was granted bail correcting the lower court’s “misdirection” in a high amount together with stringent bail conditions which he is complying with to date,” says Witz.

The business consultant was arrested alongside the former Free State Agriculture Department Head, Peter Thabethe; current Deputy Director-General at the Department of Cooperative Governance and Traditional Affairs (Cogta), Sylvia Dlamini; Bloem Water Chief Executive Officer (CEO), Limakatso Moorosi; and Sharma’s brother-in-law, Dinesh Patel, in connection with the near R25 million feasibility study given to Nulane Investments - owned by the alleged Gupta affiliate - to ascertain the feasibility of the Vrede Dairy Project under the "Mohoma Mobung" initiative. Sharma’s co-accused were all granted R10 000 bail despite the state opposing it for the government officials embroiled in the matter. Magistrate Estelle de Lange denied the former Transnet board member bail, owing to him being deemed a flight risk.

During bail proceedings last month, the state contended that the vast majority of Sharma’s estate lies outside of the country, with only 10% of his assets being found in the country. This is in stark contradiction to the accused’s assertion that South Africa is home, a place he often returns to from his frequent work trips abroad. 

State prosecutor, Peter Serunye, also maintained that the alleged Gupta affiliate deliberately concealed that Issar Global - a company he owns in the United Arab Emirates (UAE) - received over R200 million between August and December 2016 from the country. And is likely to make use of said funds to set up a safe haven in the United Arab Emirates (UAE).

The near R25 million feasibility study central to the case was subcontracted out by Nulane Investments to Deloitte for only R1,5 million. Nulane then subcontracted the work already carried out by Deloitte to Gateway Limited and paid them R19 million. The state alleges the funds were laundered into varied accounts thereafter, including that of Islandsite Investments owned by the Gupta family. 

The state has in the light of the money laundering allegations, approached Interpol to have them issue red notices for Atul and Rajesh Gupta, as well as their wives Chetali and Arti. Whilst red notices for the Gupta family have been requested, the notices have been issued and greenlit for their associates: former Nulane Investments Bank of Baroda account signatory Ankit Jain; director of Wone Management, Ravindra Nath; the directors of Pragat Investments, Ramesh Bhat and Jagdish Parekh.

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