Michael Amushelelo and Gregory Cloete have partially succeeded in their bid to have certain bail conditions eased, following a ruling in the Windhoek High Court yesterday.
Acting Judge Marilize du Plessis approved two of the three requested changes. The decision modifies how often the accused must report to police and allows limited passport use. However, they are still prohibited from leaving the Windhoek district without prior permission.
Amushelelo and Cloete, who were granted bail in October 2019, face 365 charges, including fraud, theft by false pretences, unauthorised banking, operating a Ponzi scheme, tax evasion, money laundering, and racketeering. They were arrested for allegedly defrauding millions from investors by promising high returns through forex trading.
Previously, they were required to report to the Windhoek Police Station three times a week, Monday, Wednesday, and Friday, surrender their passports, and not leave Windhoek without approval from investigators.
Judge Du Plessis ruled that the pair may now report only once a week, on Mondays. She also allowed them to apply for a new passport if theirs expires, but only for travel to South Africa to consult legal counsel. The passports must be surrendered to the investigating officer upon return.
The court rejected their request to travel outside Windhoek without prior permission, keeping that condition in place.
According to the State, Amushelelo and Cloete collected money from investors between September 2018 and October 2019, claiming it would be invested in forex trading. Instead, it is alleged that funds from newer investors were used to pay earlier investors.
