Undercover Billionaires founder Louis Tshakoane pleaded poverty when he appeared in court on Tuesday, saying he survives on his R1900 monthly pension.
The former Kaizer Chiefs spokesperson and his wife Suzan told the Palm Ridge Specialised Commercial Crimes Court that they cannot afford anything above R10 000 bail as they do not have money.
The Tshakaones appeared alongside their son, Undercover Billionaires kingpin Louis Tshakaone jr, who abandoned bail five minutes into their appearance in court.
The family is facing charges of fraud, theft and contravening the financial advisory services act relating to allegations that they swindled unsuspecting investors including church members of monies amounting to R100-million through Undercover Billionaires.
The court, which was packed with members of the media as well as friends and family members who came to support the trio, were shocked to learn that Tshakoane, who sold dreams of becoming wealthy to their investors, was broke.
The 72-year-old told the court that he could not afford a higher bail amount and that if granted bail, he could not skip the country because he was broke.
“I cannot skip the country because I cannot afford to sustain a life outside the country as a fugitive,” his affidavit read.
Tshakoane senior also told the court that he was not in any position to be in jail for long because he was battling ill health. The state did not oppose bail. However, the prosecutor mentioned on record that Tshakoane and his wife have been evading arrest since 2019 by evading police each time they came to arrest them at their house.
The prosecutor stated that the police went as far as going to a Free State hotel owned by controversial Malawian pastor Sheperd Bushiri, where the Tshakanoanes where had booked into, in order to arrest them – but were not successful.
He also dismissed claims that they cannot afford bail by saying that their son skipped bail and left the country for Dubai on vacation while he was out on R75 000 bail. “Your honour, it is on record and we have police ready to testify that accused number 1 forfeited R75 000 bail and skipped the country for Dubai. He took pictures and posted them on Instagram, your honour,” the prosecutor said.
However, Tshakoane jr, who is known for his flashy Instagram posts and expensive lifestyle, sat in the dock next to his father and shook his head. Tshakoane was dramatically arrested by the Hawks at the funeral of Alex “Goldfingers” Shakoane in Mamelodi last week, shortly after his son Louis Jr was also nabbed at his home.
The trio will know their fate in court on Thursday.
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