Gupta associate reportedly made millions by laundering money from SOEs

Gupta associate reportedly made millions by laundering money from SOEs

- New Zondo Commission testimony details how Gupta millions were paid from government parastatals to a Gupta associate, Salim Essa

- Reportedly, Transnet paid R400 million a year to a consulting agency, with Essa taking more than a 30% cut each time

- The Commission views the testimony as insight into how money was laundered during the state capture project

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Standard Bank's head of compliance, Ian Sinton, has revealed to the Zondo Commission how huge amounts of money were siphoned from state-owned enterprises to the Gupta associate, Salim Essa.

This is despite Essa not working for any of these SOEs.

According to Stinton, Essa received the money in exchange for securing contracts for Gupta-owned companies.

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This follows a report by amaBhungane, which found that the consulting firm, Regiments Capital, was being paid R400 million a year by Transet. Essa was reportedly claiming between 30%-40% of these payments.

Additionally, Stinton explained that Standard Bank decided to part ways with several companies connected to the Guptas, following irregular transactions and unexplained payments made by and to the companies, according to Eyewitness News.

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Stinton's testimony provided the Commission with insights into how money was laundered from state-owned enterprises as part of the state capture project. 

The Inquiry is set to continue today, with a former employee of the Gupta-linked Optimum coal mine, Piers Marsden, set to to testify.

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Source: Briefly.co.za

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