Estina Dairy Farm: Iqbal Sharma granted R500 000 bail after High Court appeal

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Former Transnet board member and Gupta associate Iqbal Sharma during his appearance for a bail application at the Bloemfontein Magistrate's Court on 7 June 2021.
Former Transnet board member and Gupta associate Iqbal Sharma during his appearance for a bail application at the Bloemfontein Magistrate's Court on 7 June 2021.
PHOTO: Mlungusi Louw/Gallo Images, Volksblad
  • Alleged Gupta associate Iqbal Sharma has been granted R500 000 bail in the Bloemfontein High Court.
  • This after he brought an appeal application to the High Court.
  • Sharma was initially denied bail in the lower court on 8 June.

Alleged Gupta associate Iqbal Sharma was granted R500 000 bail by the Bloemfontein High Court on Wednesday.

Sharma had previously brought an application for appeal in the High Court after he was denied bail in the lower court by magistrate Estelle de Lange on 8 June.

Handing down judgment virtually on Wednesday afternoon, Judge Joseph Mhlambi said: "Pending the outcome of the trial, the appellant is granted bail in the amount of R500 000."

READ | Bail appeal: State argues Iqbal Sharma has 'no emotional attachment' to SA

The granting of bail comes with stringent conditions, including, among other things, that Sharma pledge and hand over his retirement annuity policy to the State within 72 hours of his release.

In addition, he must hand over a full disclosure to the State on the foreign assets owned by him and his wife, including their nature, location and approximate value.

Sharma must also reside at his Sandton address and report to the Sandton police station three times a week on Mondays, Wednesdays and Fridays between 08:00 and 20:00.

He is further prohibited from applying for any passport until the finalisation of the court case.

In addition, Sharma cannot travel outside of Gauteng without the written permission of the investigating officer, among other things.

Sharma's counsel argued he was not a flight risk because he had travelled extensively across the globe and still returned to South Africa.

The State, however, previously argued the application should be turned down as he "has no emotional attachment to South Africa".

READ | Estina Dairy Farm: Iqbal Sharma has travelled the world and always returns home to SA, court hears

De Lange said during her judgment at the time that she found there was a strong case against the accused - and there was a likelihood he would flee the country.

She added Sharma did not have much money left in the country, and no amount of bail would secure his stay.

The Investigating Directorate said it had noted the court's decision.

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