Agrizzi denied bail

On Wednesday, former BOSASA COO Angelo Agrizzi was refused bail at the Palm Ridge Specialised Commercial Crimes Court.

He appeared alongside his co-accused Vincent Smith, who is out on bail on fraud and corruption charges arising from bribes he and/or BOSASA paid to Vincent Smith and/or his company, Euroblitz. 

The Investigating Directorate argued that Agrizzi lied in his previous bail affidavit of 6 February 2019, filed after his arrest in February 2019. He previously told the court that “my wife and I own movable assets valued at approximately R2,65 million and immoveable property valued at approximately R14 million.” 

The truth is that as at 6 February 2019, the Agrizzis 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. 

Agrizzi also did not disclose that he 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 offshore 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.