OVERVIEW: Standard Bank legal official details suspicious transactions, possible 'money laundering' at #StateCaptureInquiry

2019-03-12 15:30

The judicial commission of inquiry into state capture continues with testimony from former head of compliance at Standard Bank, Ian Sinton, who currently works in the bank's legal division.

WATCH LIVE: State Capture Inquiry 

(Courtesy of SABC)

Deputy Chief Justice Raymond Zondo
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Last Updated at 08:07
12 Mar 17:01
Sinton concludes his testimony.

12 Mar 16:59
Sinton: There are a number of occasions where we felt that where we raise our concerns with senior people in the entities, they may be those whom issues are being raised about. Would do so with shareholders instead.      

12 Mar 16:57
We are not in the business of punishing them for historical transactions and would raise suspicious activities with them, Sinton says about Transnet

12 Mar 16:50

Sinton says had regular engagements with bosses that they should share the progress they are making to unravel the process.  

We get a lot of commitment from Eskom and Transnet to prevent this from happening again, Sinton says.

It’s the management of the corporates who allow this to happen, not the corporates.   Gupta entities denied any wrongdoing, Eskom and Transnet readily commit to remedy it.


12 Mar 16:45
Sinton says a reasonable bank would conclude that the large amounts of money being rapidly moved was an attempt to disguise the source of the money.

12 Mar 16:40
Transnet transferred R11.7m, the following day Regiment paid R4.3m to a name Chivita. The R4.3m was paid from the R11.7m received from Transnet.

12 Mar 16:38

12 Mar 16:31
Sinton is now being questioned about payments made from CAD House. CAD House paid funds to Cutting Edge

12 Mar 16:21

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12 Mar 16:15
Back and forth payments were made between Sahara and Cutting Edge says Sinton.

12 Mar 16:12

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12 Mar 16:09

Back from the short break. 


12 Mar 15:56

Zondo requests a short, five-minute adjournment before Maleka continues his line of questioning with Sinton. Maleka hopes to finish leading Sinton's evidence today. 

Proceedings adjourn for five minutes.


12 Mar 15:55

12 Mar 15:54

According to Sinton, the amounts that entered the Homix account were paid to another entity named Bapu Trading CC.

Sinton: "An inference to be drawn is money laundering."


12 Mar 15:52

Maleka now shifts the focus to another company, Homix. 


12 Mar 15:50

Sinton says after engagement with Regiments on these transactions, Standard Bank decided to terminate its relationship with both Regiments (and its directors) and McKinsey.


12 Mar 15:48

Maleka, on a contract between Transnet and Regiments for locomotives, says "Transnet is engaging Regiments on that project and the fee structure is there".

Sinton: "Correct." 

Maleka says the contract was in actual fact between McKinsey and Transnet.


12 Mar 15:35

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Sinton: "It was Essa who brought McKinsey to the relationship, notwithstanding the introduction facilitated by Moodley. In exchange, Essa would be entitled to a 30% 'introductory revenue participation share' that flowed from the McKinsey sub-contracts and other resultant business." 

Sinton: "Regiments struck a normal business relationship with Essa to this effect, in terms of which agreement, Essa could nominate an entity/account into which payments would be received. McKinsey was aware of this arrangement."


12 Mar 15:01

Sinton refers to the consortium agreement between Regiments and McKinsey, and Maleka says this joint venture for the work done for Transnet does not allow for any third parties.

Sinton says that from the explanation received from Regiments, Essa had not been involved in any of the day-to-day work for the company. 

Earlier, Sinton also mentioned Kuben Moodley as a beneficiary of a cut of these payments. 


12 Mar 14:53

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12 Mar 14:25

Sinton says he was told that there was an agreement to pay Salim Essa 30% of the fees. 


12 Mar 14:22

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Sinton says Standard Bank then wrote to Regiments director Niven Pillay to request an explanation for these transactions. Sinton says Regiments told them it would take a while to gather the information, then later contacted them to request a meeting.


12 Mar 14:17

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12 Mar 14:10

Back from lunch, Maleka continues leading Sinton's evidence.


12 Mar 13:08

Proceedings adjourn for lunch. Back at 14:00.



12 Mar 13:05

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12 Mar 12:59

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12 Mar 12:58

Maleka now deals with the risk regarding Regiments that Sinton mentions in his statement.


12 Mar 12:52

Sinton says Standard Bank took a decision to terminate the relationship with McKinsey, "so I felt no need to push for further explanations".


12 Mar 12:50

12 Mar 12:49

Sinton says Standard Bank had requested a meeting with McKinsey related to media reports surrounding its work.


12 Mar 12:40

12 Mar 12:39

Sinton says Regiments Capital Limited had a transactional account with Standard Bank.


12 Mar 12:37

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