South Africa: Standard Bank Presents Records of Alleged Money Laundering Operation Involving Gupta-Linked Entities

analysis

Standard Bank revealed sensational 'kickback' admission letter from Regiments Capital and nearly a year's worth of clients' bank statements, including the notorious Gupta-linked letterbox company, Homix.

One of the country's biggest banks has provided records of a worrying alleged money laundering operation involving various Gupta-linked entities.

Standard Bank picked up on a high volume of large, round-figure transfers of up to R20-million moving in and out of the accounts of a cluster of clients -- among them Regiments Capital, the notorious Gupta-linked letterbox company, Homix, and four related entities.

Testifying before the State Capture commission for a second time, the bank's former group legal counsel Ian Sinton produced a string of bank statements and a spreadsheet showing money flows into those accounts from parastatals including Transnet, Eskom and Denel, going back to 2013 at least.

Large parts of that cash, once in the various Standard Bank accounts, often either immediately or within a day or so, moved back out, among others, to the Gupta-owned Sahara or to settle alleged kickbacks due to Salim Essa and "business consultant" Kuben Moodley.

A bundle of suspicious transaction reports filed to the Financial Intelligence Centre has been handed to the commission for safekeeping pending...

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