Iuze Mukube
An application by self-proclaimed forex-trader-turned-social activist Michael Amushelelo and his co-accused Gregory Cloete to have their bail conditions relaxed, partially succeeded in the Windhoek High Court yesterday.
Acting Judge Marilize du Plessis ruled that two out of the three bail conditions sought for relaxation was granted.
Amushelelo and Cloete are facing 365 counts of fraud, alternatively theft by false pretences, conducting a banking business without authorisation and conducting a Ponzi scheme, tax evasion, tax fraud, failure to pay tax, money-laundering and racketeering.
The accused were granted bail in October 2019, following their arrest for allegedly defrauding millions from investors with promises of large returns from forex trading.
They were granted bail for N$35 000 with strict conditions, including being required to report to the Windhoek Police Station three times a week – on Monday, Wednesday and Friday.
Additionally, the accused were required to surrender their passports and were not allowed to apply for new travelling documents under any circumstance.
They must not leave the district of Windhoek without prior permission from the investigation officers.
It was for these three conditions that they sought for amendment or relaxed.
Judge Du Plessis granted their request to be allowed to report themselves, once a week, on Monday at the Windhoek Police Station.
She also ruled that Amushelelo and Cloete can apply for a new passport if it expires and, in the event, they travel to South Africa to consult a counsel of their choice.
However, they must surrender such documents upon return to the country to the investigating officer.
Du Plessis rejected their third request.
The two must still not leave the district of Windhoek without prior permission.
On the case, the State alleges that the money which investors entrusted to the duo, believing their funds were to be traded in foreign exchange markets, was not invested, and that investors’ money was later used to pay back earlier ones’ funds.
It is also alleged the accused solicited the money from investors with promises of high returns on investments from September 2018 to October 2019.
The two were represented by Ndahambelela Haifene and the State by Constance Moyo.