4 explosive revelations by Standard Bank during the #StateCaptureInquiry

4 explosive revelations by Standard Bank during the #StateCaptureInquiry

- The state capture inquiry saw Standard Bank's Ian Sinton testify and drop some shocking bombs

- Perhaps the most shocking revelation was that one of SA's former ministers tried to bully Standard Bank

- Sinton said that former mineral resources minister Mosebenzi Zwane tried to manipulate the bank

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When it was Standard Bank South Africa's turn to testify before the state capture inquiry, the bank's former head of legal compliance Ian Sinton revealed a number of shocking facts.

Standard Bank decided to stop doing business with the Gupta family after it came to light that they were acting illegally.

Sinton shared details that revealed that one of South Africa's former ministers were very close to the Guptas despite his vehement denial. ANC MP Mosebenzi Zwane was also accused of trying to intimidate the bank after they decided to stop doing business with the Guptas.

Zwane even threatened with legislation that would disallow the bank from closing accounts.

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Here's a brief rundown of what Sinton's testimony revealed:

  • After deciding to end their dealings with the family, the bank was called to Luthuli House to account for their decision. The bank was asked if their decision was part of a white conspiracy to keep black people out of business.
  • Former mineral resources minister Mosebenzi Zwane tried to manipulate the bank into reversing their decision - something Briefly.co.za reported on earlier.
  • The Guptas decided to take a portion of funds meant for the development of Estina Dairy Farm to Dubai.
  • The Guptas secured a R3.5 million mortgage bond in favour of a trust for one of Jacob Zuma's wives. She was the sole trustee and her son the sole beneficiary.

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According to a report by EWN, the ANC hasn't responded to Sinton's accusations yet.

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Source: Briefly.co.za

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