
WATCH LIVE: State Capture Inquiry
(Courtesy of SABC)
12 Mar 2019
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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.
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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 2019
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."
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Sinton says after engagement with Regiments on these transactions, Standard Bank decided to terminate its relationship with both Regiments (and its directors) and McKinsey.
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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.
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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 2019
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.
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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.
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Maleka now deals with the risk regarding Regiments that Sinton mentions in his statement.
12 Mar 2019
Sinton says Standard Bank took a decision to terminate the relationship with McKinsey, "so I felt no need to push for further explanations".