live

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

accreditation
Chairperson of the judicial commission of inquiry into state capture, Deputy Chief Justice Raymond Zondo. (Alon Skuy/Gallo)
Chairperson of the judicial commission of inquiry into state capture, Deputy Chief Justice Raymond Zondo. (Alon Skuy/Gallo)

WATCH LIVE: State Capture Inquiry 

(Courtesy of SABC)

Last Updated
Live News Feed
Go to start

12 Mar 2019

Sinton concludes his testimony.

12 Mar 2019

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 2019

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 2019

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 2019

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 2019

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 2019

Sinton is now being questioned about payments made from CAD House. CAD House paid funds to Cutting Edge

12 Mar 2019

Back and forth payments were made between Sahara and Cutting Edge says Sinton.

12 Mar 2019

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

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 2019

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 2019

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. 

12 Mar 2019

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 2019

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

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. 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 to News24
Voting Booth
What are your thoughts on the possibility of having permanent Stage 2 or 3 load shedding?
Please select an option Oops! Something went wrong, please try again later.
Results
I'll take that over constant schedule changes
13% - 919 votes
Why are we normalising Eskom’s mess?
72% - 5066 votes
I've already found alternative ways of powering my home/business
15% - 1087 votes
Vote
Rand - Dollar
17.41
-0.1%
Rand - Pound
21.51
-0.0%
Rand - Euro
18.88
+0.0%
Rand - Aus dollar
12.25
+0.3%
Rand - Yen
0.13
-0.2%
Platinum
1,003.25
-1.0%
Palladium
1,635.08
-0.1%
Gold
1,914.53
-0.5%
Silver
23.43
-0.7%
Brent Crude
84.90
-2.1%
Top 40
74,344
0.0%
All Share
80,325
0.0%
Resource 10
77,934
0.0%
Industrial 25
102,701
0.0%
Financial 15
16,323
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE