The Pretoria High Court rejected the South African Revenue Service’s request for the return of foreign assets held by Angelo Agrizzi in Italy.
Judge Analeigh Basson delivered the ruling electronically on Monday and it was circulated to the parties and their legal representatives.
SARS has applied to the court for an order compelling Agrizzi to return all his assets located outside South Africa to pay off his outstanding tax debts.
The order was ordered pursuant to Section 186 of Part F of Chapter 11 of the Tax Administration Act (TAA).
It also sought a matter discovered by Agrizzi in an affidavit within 10 days of the date of the request, a full verifiable description and details including the location values of the assets.
Agrizzi’s assets listed in the notice of movement were immovable property valued at more than R15 million, a BMW X5, money held in Agrizzi’s bank account in Intesa Sanpaolo, Italy, money held in cryptocurrency of an unknown value and his wife’s money held in her account worth more than R10 million.
SARS became aware of allegations of a major fraud scheme, money laundering, racketeering and tax evasion involving Agrizzi’s former employer, the African Global Group of Companies formerly known as Busassa, as a result of evidence presented at the Zondo Investigation Commission.