BuzzSouthAfrica reported earlier today, that the Finance Minister Pravin Gordhan filed court papers detailing the suspicious R6.8 billion Transactions made by the Guptas.
The minister lodged this application in the High Court in Pretoria proving that the Gupta family are not only an inescapable factor in the alleged State capture but also in the gross misappropriation of state resources.
In doing this, Gordhan wants the court to declare that, as finance minister, he is in no way obligated to help the Guptas in their battle with South Africa’s largest banks, all of whom had terminated their banking relationships with the Guptas and their companies earlier this year.
Gordhan has attached in his application a document from the Financial Intelligence Centre (FIC) detailing transactions made by Gupta-linked companies between 2012 and June 2016.
These transactions were reported as suspicious or unusual as they did not relate to “any apparent legitimate business transactions” involving the Guptas and their companies.
However, SA’s Financial Intelligence Centre (FIC) is investigating the family 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.
According to Business Tech, the transactions highlighted under these conditions by the Financial Intelligence Centre are typically involved in the funding of terrorism, evasion of tax, or simply have no lawful business purpose.
Meanwhile, the Gupta-family-controlled Oakbay Resources and Energy issued a statement on Monday confirming that five of the 72 suspicious R6.8 billion Transactions listed in an affidavit by Finance Minister Pravin Gordhan, were done by the JSE-listed holding company or its subsidiary, Shiva Uranium.
The family-controlled resources and Energy appeared twice on the list and its subsidiary Shiva Uranium four times. The 65th transaction involving R327.4m was attributed to Oakbay Resources and Energy and the 66th, also for R327.4m, to Shiva.
The company is in the process of investigating the five transactions referred to above, and is working with regulatory authorities, where necessary, in this regard,” Oakbay Resources and Energy said in Monday’s statement.
“The company is also in the process of engaging with its external auditors with regards to the aforementioned five transactions confirmed, out of the original Gupta’s R6.8 billion Transactions and any possible impact that may result in relation to previously reported financial information.
“At this stage, the company does not have any reason to believe that previously reported financial information will be restated in relation to these five transactions, and shareholders will be updated accordingly in this regard,” Oakbay Resources said.