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Angelo Agrizzi’s R16 million Italian villa forms part of his bail deal

Judge Ratha Mokgoatleng on Friday ruled that an upfront payment was not the only way to grant bail, but that assets including property could be used as surety.

Former Bosasa COO Angelo Agrizzi appears in the Palm Ridge Magistrates Court on 14 October 2020. Picture: Xanderleigh Dookey/EWN

JOHANNESBURG - The Investigating Directorate said it's comforted by the guarantees provided by the Johannesburg High Court when granting bail to former Bosasa CEO Angelo Agrizzi.

His lawyers were before the court on Friday for a verdict on his bid for bail.

Agrizzi - who is said to be gravely ill - is facing fraud and corruption charges.

This follows telling evidence he gave at the state capture commission of inquiry also implicating many politicians in bribery.

His co-accused Vincent Smith is also out on bail.

The State has been opposing bail for Agrizzi on the basis that he failed to disclose his offshore assets, making it difficult to set an appropriate bail amount.

But today, Judge Ratha Mokgoatleng ruled that an upfront payment was not the only way to grant bail, but that assets including property could be used as surety.

Agrizzi will have to give his villa in Italy worth about R16 million as a guarantee.

The Investigating Directorate's Sindisiwe Thwala said they had welcomed this.

“It now means he now has to disclose his multimillion rand home and provide us with the title deed, something which he had failed to do.”

She said they were also excited about the bail conditions.

“We are also excited by the fact that he and his wife have to disclose any other property and any other ownership in the country. And any disposing of assets needs to be disclosed to us within a 14-day period.”

Both Smith and Agrizzi - if he is fit to do so - will appear in the Palm Ridge Magistrates Court in December.

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