Former BOSASA Chief Executive Officer Angelo Agrizzi, appeared alongside his co-accused Vincent Smith, who is currently out on bail on fraud and corruption charges arising from bribes.
The Investigating Directorate (ID) contended that Agrizzi lied in his previous bail affidavit of 06 February 2019, filed after his arrest in February 2019. Agrizzi 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.”
The true position is that as at 06 February 2019, the Agrizzi’s 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.”
He did not disclose that the property is in fact owned by the Agrizzi Family Trust and was being used as security for loans made to Agrizzi in his personal capacity by ABSA.
By 24 January 2019 he owed ABSA R7 953 939.52 and has made no further payment of the loan since 1 February 2019. The trust has recently tried to auction the property to pay ABSA.
While he told the court that he was a South African Citizen with strong emotional ties in the Republic of South Africa”, he did not disclose that he also had strong ties to Italy. He failed to hand to court his Italian passport, claiming that he had lost it. More importantly, he 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.
Italian authorities have confirmed that both Mr and Mrs Agrizzi opened bank accounts in Italy into which the funds liquidated in South Africa were transferred. On 5 March 2019, Agrizzi bought real estate/property in Castel Del Piano in Italy for €880 000.00 as well as a luxury vehicle. A bank account in the name of Agrizzi’s wife has a balance of €714 419.50. The Asset Forfeiture Unit are taking steps to seize the Italian assets.
The ID has worked closely with its partners in the South African Revenue Services (SARS), the South African Reserve Bank (SARB) Surveillance Division (FinServ) and the Directorate for Priority Crime Investigations (the Hawks) on the matter.