Many young white people are encouraged by their parents to just “move on” with the business of the future, writes Adriaan Basson.
The National Prosecuting Authority says it is continuing its probe of the Gupta-linked financial advisory group of companies by analysing company servers previously confiscated in a search and seizure operation.
The high court has ruled that Capitec must give consent for entities linked to Regiments to sell their Capitec shares to pay back a Transnet pension fund for losses it sustained due to state capture.
Transnet has to date spent R42.5bn on acquiring 1 259 new locomotives meant to upgrade its ageing fleet, some R3.9bn more than it originally budgeted for, the commission of inquiry into state capture has heard.
An interest rate swap transaction for a Transnet loan which was facilitated by Regiments Capital was meant to benefit the Gupta-linked fund manager, the state capture inquiry heard.
Records show how Regiments Capital passed more than half of its consulting fees from Transnet, SAA and Denel contracts to Gupta and Essa fronts.
State-owned airline SA Express has also done business with Gupta-linked consultancy firm Trillian Capital, according to a written parliamentary reply.
Earlier in the week the Johannesburg High Court ordered the bank to consent to a Gupta-linked company selling its shares in the bank to pay back losses suffered by a Transnet pension fund.
After allegations emerged in court of yet another Regiments Capital scam used to plunder a Transnet pension fund, the group's directors quickly agreed to pay half a billion rand to settle all the fund’s claims against it. But Eric Wood, a former director, has gone to court to quash the deal.
Regiments' fees for advisory services to Transnet skyrocketed by 754% in a matter of two years.
Isaac Shongwe is founder of Letsema Holdings, the black-owned consulting firm that was frozen out of a lucrative Transnet deal by Gupta-linked Regiments and Trillian. His company felt first-hand the damage wreaked by state capture.
At least R30m flowed from Regiments, McKinsey’s longstanding local partner at Transnet, into companies associated with a Gupta-Essa money laundering channel.
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