The appeal is sitting virtually before the Free State High Court with proceedings beginning at 10:30. Sharma has been in police custody for a month.

The business consultant was arrested 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.

His co-accused are former Free State Agriculture Department Head, Peter Thabethe; current Deputy Director-General at the Department of Cooperative Governance and Traditional Affairs, Sylvia Dlamini; Bloem Water CEO, Limakatso Moorosi; and Sharma’s brother-in-law, Dinesh Patel.

Sharma’s co-accused were all granted R10 000 bail despite the state opposing bail 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 in South Africa. 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. He added he is likely to make use of said funds to set up a safe haven in the UAE.

The almost R25 million feasibility study central to the case was subcontracted out by Nulane 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 then laundered into varied accounts, including that of Islandsite Investments owned by the Gupta family.

The state has in 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 are under consideration, the notices have been issued and greenlit for their associates: former Nulane Investment Bank of Baroda account signatory Ankit Jain;  Director of Wone Management, Ravindra Nath; and the Directors of Pragat Investments, Ramesh Bhat and Jagdish Parekh.

OFM News