19 October 2017

South Africa: State Capture - UK Serious Fraud Office Aware of Guptas' Overseas Banking Networks

Photo: allafrica.com
Top: Title image of former public protector Thuli Madonsela's State Capture report. Bottom-left: ANC MP Nkosazana Dlamini-Zuma. Bottom-right: Atul Gupta.
analysis

On Thursday, Labour peer Lord Peter Hain of Neath tabled a question in the British House of Lords asking Chancellor of the Exchequer, Philip Hammond, to ensure that UK law enforcement agencies, including the Serious Fraud Office, investigate HBSC, Standard Chartered and Baroda Banks for possibly acting as conduits for the allegedly corrupt proceeds amassed by the Gupta family in their business dealings in South Africa. Hain has listed 27 individuals including 11 members of the Gupta family and their associates as well as President Jacob Zuma and 11 members of his family. By MARIANNE THAMM.

The question Lord Hain is posing to the House of Lords reads:

"Will the Chancellor ensure the Financial Conduct Authority, the Serious Fraud Office and the National Crime Agency investigate HSBC, Standard Chartered and Baroda Banks, which expert South African whistle-blowers believe must have been conduits for the corrupt proceeds of money stolen from their taxpayers and laundered through Dubai and Hong Kong?"

On 25 September Hain wrote to Hammond as well as European Commission President, Jean-Claude Juncker, detailing corruption in South Africa "on an industrial scale" and highlighting that these alleged crimes have been enabled by transnational money laundering and criminal networks that...

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