Judgment has been reserved in the appeal bail hearing of former Transnet board member and Gupta family associate Iqbal Sharma.

Sharma will hear his fate next week Wednesday when the High Court in Bloemfontein makes a ruling.

“The high court virtually heard Sharma’s bail appeal hearing this morning.

“Judgment was reserved for next week Wednesday 14 July at 9am,” said Investigating Directorate (ID) spokesperson Sindisiwe Seboka.

This comes after Sharma was denied bail last month by the Bloemfontein Regional Court.

Sharma is amongst 16 other co-accused persons and or companies who stand in the dock for defrauding the Free State Agriculture Department in 2011 of R25 million.

Four of his co-accused currently in South Africa were granted bail last month.

They are former Free State Agriculture and Rural Development (FSDoARD) head, Peter Thabethe; former head of FSDoA, Limakatso Moorosi; former FSDoA chief financial officer, Seipati Dhlamini and Sharma’s brother-in-law Dinesh Patel.

“The matter pertains to allegations of fraud in connection with the R25m feasibility study contract that was irregularly granted to Nulane Investment 204 (pty) LTD in 2011, a company owned and controlled by Sharma.

“The company had to provide a report to the department within seven months.

“Nulane, however, subcontracted the work to Deloitte Consulting Pty Ltd for R1.5m.

“Furthermore, it subcontracted the work already completed by Deloitte to Gateway Limited and paid them over R19 million,” Seboka said.

She said the accused faced charges of fraud and money laundering.

The former government officials are also charged with contravention of the Public Finance Management Act