He appeared before the inquiry on Friday, September 4, 2020.
Smith had been implicated by Agrizzi, who told the commission he had received the money as a bribe from the controversial company.
“In terms of the loan, I had bought shares in Euro Blitz so I told Mr Agrizzi that when the shares mature, I was going to pay him back as I needed to pay school fees at the time. We had discussed the loans in an email in which I requested assistance,” he said.
Smith admitted to not having any documentation to back up his claim that it was a loan, saying he believed the company’s late CEO Gavin Watson trusted him.
“There were no such documents. If the commission is asking was there a written loan agreement, there was no such documents. I’m not a lawyer but my understanding was that this type of loan didn’t need a written agreement. There was no such agreement”, he said.
He said the money was meant for paying towards his daughter’s tuition fees overseas.
“I think it was a matter of trust and if indeed there was going to be a requirement for a written agreement, I don’t think it would have been a problem. It would have been a one liner because in my own financial statements which were audited, it is raised as a loan, chairperson”, he said.
“So in my mind, there was nothing untoward about it. It was there, it still is there…I don’t recall either myself or Mr Agrizzi suggesting that it should be reduced to writing”.
Written by: Y