Gordhan lodges explosive affidavit exposing R6.8bn of dodgy Gupta transactions

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Six months ago, seasoned political analyst Dr Somadoda Fikeni described the crony capitalist Gupta family as “over-excited, grotesque amateurs.” Evidence presented to the Pretoria High Court on Friday confirms that Fikeni nailed it. It is now pretty obvious the Indian immigrants had already overplayed their hand almost a year ago with the Nenegate debacle. But even after doing a moonlight duck to a half a billion rand mansion in Dubai, they kept pushing the envelope. Their brick wall has come through an attempt to suck incorruptible Finance Minister Pravin Gordhan into the web. After sticking meticulously to the law, Gordhan has now blown the lid off the family’s nefarious dealings in spectacular fashion. He lodged an explosive affidavit with the Pretoria High Court on Friday which includes a certificate from the country’s Financial Intelligence Centre. This provides information on Gupta financial transactions worth a staggering R6.8bn which are under investigation for contravening money laundering, exchange control and corruption regulations. Coming on top of the temporarily blocked but incredibly damning Public Protector’s report into State Capture allegations, and it’s obvious to all that the noose is tightening on the Guptas. As it is, too, on their deeply complicit associate President Jacob Zuma. – Alec Hogg

Alec Hogg

The Gupta family is under investigation by South Africa’s Financial Intelligence Centre (FIC) for more than 70 banking transactions involving almost R7bn. Included in these is the apparent transfer of R1.3bn from a trust fund to pay for the rehabilitation of a coal mine that they recently bought.

Information about these transactions – three of which are are worth over R1bn – are included in an affidavit submitted to the Pretoria High Court on Friday by the country’s Finance Minister Pravin Gordhan. In this lengthy document, published online by the amaBhungane Centre for Investigative Journalism, Gordhan has approached the court to force the Big Four banks to disclose the full details of each transaction.

SA and international legislation requires banks to report any suspicious transactions to the FIC. But the law also prevents the FIC from disclosing such reports, even to the Finance Minister, unless they form part of legal proceedings.

Ironically, this expose’ of the inner workings of Gupta money machinations is a direct result of the family’s indignation that its accounts were closed by all of the SA banks. Gordhan’s affidavit details correspondence with the Gupta CEO Nazeem Howa which first demand and then entreat him to intervene against the banks – despite being told continuously that this would be illegal.

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