NPA: Guptas used Optimum Coal Mine as 'industrial-strength' money-laundering machine

accreditation
Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
loading...
Loading, please wait...
0:00
play article
Subscribers can listen to this article
The Optimum coal mine in Mpumalanga.
The Optimum coal mine in Mpumalanga.
Photo: Bloomberg

The Optimum Coal Mine was used as an "industrial-strength money-laundering machine" to recycle the proceeds of crimes - against the likes of Transnet and Eskom - to fund the notorious Gupta family's vast empire, the North Gauteng High Court in Pretoria heard.

Tuesday marked the first day of a hearing of an application for a preservation order brought by the National Prosecuting Authority (NPA) which, if granted, will effectively halt the sale of the Optimum Coal Mine and Terminal which have been in business rescue for over four years now.

The NPA, represented by Matthew Chaskalson, told the court how the mine was funded by ill-gotten gains and further used to clean money tainted by unlawful activity and how the matters before the court "arise from the very epicentre of State Capture".

Read this for free
Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.
Subscribe
Already a subscriber? Sign in
Rand - Dollar
16.45
-1.6%
Rand - Pound
19.83
-1.0%
Rand - Euro
16.72
-0.6%
Rand - Aus dollar
11.56
-0.3%
Rand - Yen
0.12
-1.7%
Gold
1,778.99
-1.3%
Silver
20.26
-2.7%
Palladium
2,159.00
-3.1%
Platinum
937.50
-3.0%
Brent Crude
98.15
-1.5%
Top 40
64,022
+0.0%
All Share
70,741
+0.0%
Resource 10
63,315
-1.2%
Industrial 25
86,967
+0.5%
Financial 15
16,154
+0.6%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders