Wednesday, 14 October 2020 17:48

File Photo.

Former Bosasa Chief Operating Officer Angelo Agrizzi has been denied bail in the Palm Ridge Magistrate’s Court.

Agrizzi made his first appearance at the court today having failed to show up due to illness earlier this month.

Magistrate Philip Venter, in reading out a lengthy bail judgment on Wednesday afternoon, concurred with prosecutors and the investigating officer in the matter, that Agrizzi was a severe flight risk.

This came after the State made representations in court, that Agrizzi failed to disclose that he had made several investments in Italy, including the purchase of a house, a luxury car and had over €700 000 (around R13.5 million) in cash in offshore accounts.

Agrizzi also had a large sum of money in cryptocurrency, the State said.

During the bail judgment, Venter said Agrizzi had two opportunities to disclose his offshore investments, first, to the Pretoria Commercial Crimes Court and in the Palm Ridge Magistrates Court.

He did not, and this, said the magistrate, showed that he chose to keep it a secret although the assets were bought and moved legally with the knowledge of the local revenue services.

State prosecutors presented evidence to the court pointing to failure by Agrizzi to declare all his assets to the court today and when he appeared before the Pretoria Specialised Crimes Court last year.