State capture inquiry begins

NarrowBandFtw said:
Why ask? Insist, summon the POS and jail him for contempt if he does not pitch. Does the commission not have those powers?
Click to expand...
Criminal ("Alleged") extraordinaire was not asked to appear himself - only his lawyers - I wonder why the niceties?
"I have invited the lawyers of the former president [to request] that he could put his version in an affidavit," Zondo said.
 
surface said:
Criminal ("Alleged") extraordinaire was not asked to appear himself - only his lawyers - I wonder why the niceties?
"I have invited the lawyers of the former president [to request] that he could put his version in an affidavit," Zondo said.
Click to expand...

Because his testimony is anyway useless, he will just deny, deny and deflect. It's probably more a formality so that he can't say he wasn't involved and heard.
 
Banks to tell #StateCaptureInquiry why they cut ties with Guptas

Johannesburg - South Africa's commercial banks are this week expected to give evidence at the commission of inquiry into state capture on why they decided to shut down business accounts linked to the controversial Gupta family.

As the dark cloud gathered around the family and their associates, the country's four major banks - Absa, FNB, Standard Bank, Nedbank - cut ties, citing reputation risk and possible breach of banking rules. Absa was the first to shut down the accounts in December 2015.

India's Bank of Baroda followed suit in January this year after allegations surfaced that the bank's South Africa's branch laundered money on behalf of the fugitive family.
Click to expand...

More at : https://www.iol.co.za/news/politics...nquiry-why-they-cut-ties-with-guptas-17103582
 
f2wohf said:
Because his testimony is anyway useless, he will just deny, deny and deflect. It's probably more a formality so that he can't say he wasn't involved and heard.
Click to expand...

Wouldn't all the guilty follow this route of testimony, making your reasoning a little obtuse?
 
ambroseg1 said:
Wouldn't all the guilty follow this route of testimony, making your reasoning a little obtuse?
Click to expand...

Most guilty people haven’t already publicly spoken of the issue 150 times and came each time with deflection or lunacy against all evidence.
 
R13... said:
So the ANC were more party to state capture than we previously believed if the likes of Mantashe were willing to strong arm banks into helping the Guptas
Click to expand...
Wasn't Gwede originally a Zuma ally before having a sudden crisis of conscience?
 
ANC, ministers threatened Standard Bank to force it to keep Gupta accounts open, state capture commission hears

Former mineral resources minister Mosebenzi Zwane threatened Standard Bank's operating licence and threatened to change the banking laws, all in an effort to allow the politically connected Gupta family to keep their bank accounts open.
This is according to Standard Bank's former head of compliance, Ian Sinton, who was testifying at the Commission of Inquiry into State Capture on Monday.

He detailed how they had faced pressure and threats from the ANC at Luthuli House and Cabinet ministers to rescind their decision to close the Gupta-linked Oakbay group's accounts.
The commission heard that former Oakbay Investment CEO Nazeem Howa had written to the government, including the Presidency and the ANC, asking them to intervene.

The country's four big banks closed the Gupta accounts in 2016 over 70 listed "suspicious transactions" totalling almost R7bn, which were recorded by the Financial Intelligence Centre, which implicated the Guptas and their companies.
Sinton said, in May 2016, they had met with the inter-ministerial committee set up by Cabinet to investigate the closure of the bank accounts. The meeting was attended by Zwane, former labour minister Mildred Oliphant and Mzwanele Manyi.
They were told that Manyi was attending as "an advisor to the ministers".
Click to expand...

More at: https://www.news24.com/SouthAfrica/...-open-state-capture-commission-hears-20180917
 
These 6 high-ranking officials have been implicated in Standard Bank’s state capture testimony

Here are the 6 people implicated by Sinton’s testimony.

Gwede Mantashe
In 2016, current ANC chairperson Gwede Mantashe - then secretary general of the party - was present at a meeting with Standard Bank officials to question them about the closure of Gupta-linked accounts.

The bank found the meeting request inappropriate, Sinton said,but attended out of respect.

Remember that it was then ANC secretary-general Gwede Mantashe who summonsed the banks to Luthuli House to explain why it had closed the accounts of the Gupta family. It's about the third time Mantashe comes up at Zondo commission as an ennabler. #statecaptureinquiry
— Ferial Haffajee (@ferialhaffajee) September 17, 2018​
Enoch Godongwana
Enoch Godongwana, who previously defended then finance minister Pravin Gordhan against charges from the Hawks, were also in attendance at the meeting between the bank and the ANC, Sinton said.

He said Standard Bank reiterated to the ANC that it cannot discuss the affairs of any customers but could talk more generally about its processes regarding account closures.

Jessie Duarte
The third high-profile ANC member in attendance at the meeting was deputy secretary general Jessie Duarte, Sinton said.

Sinton says Standard Bank explained to Duarte, Mantashe and Godongwana that it had to be extremely careful lest it fell foul of anti-money laundering or anti-corruption laws, and therefore decided to close the Gupta-linked bank accounts.

"Having explained all of that, the meeting did go on to talk about the issue of the closure of the Gupta accounts,” Sinton said.

Hello @MYANC. You might want to start preparing your submission for #StateCaptureInquiry.You. Are. Now. Implicated.#StateCaptureinquiry
— Ranjeni Munusamy (@RanjeniM) September 17, 2018​
Mzwanele Manyi

Mzwanele “Jimmy” Manyi, who took over the Gupta’s media outlets The New Age and ANN7 in 2017, was presented as a special advisor when Standard Bank met with an "inter-ministerial committee" {WHEN} , Sinton said.

"We asked on what basis he was attending and we were told that he was an adviser to the minister‚" Sinton said.

According to Sinton, Zwane said the committee had been appointed by the cabinet.

#StateCaptureInquiry Standard Bank also summonsed to inter-ministerial Cabinet committee formed to probe Gupta bank account closures - @MzwaneleManyi ; Minister Zwane;Minister Oliphant (Labour). Why @MzwaneleManyiwas at the meeting? As advisor, Standard Bank was told.
— Ferial Haffajee (@ferialhaffajee) September 17, 2018​
Mosebenzi Zwane
The "inter-ministerial committee" Standard Bank met with was chaired by Zwane, Sinton said.

He said Zwane was angry that the banks didn’t close the accounts of construction companies who were found guilty of collusion, but chose to close the accounts of a company who has not been found guilty of any wrongdoing.

Zwane suggested the bank should be more responsive to concerns raised by government. He reminded Standard Bank that government licensed banks.

"The meeting was an attempt by two cabinet ministers on behalf of cabinet to persuade us to retract our decision to close the Gupta accounts,” Sinton told the inquiry.

Near end of inter-ministerial committee meeting, Min Mosebenzi Zwane reminded Standard Bank that government licenced banks. (This means a Cabinet minister threatened a bank's licence to service private business interest with which he was associated - definition of capture)
— Ferial Haffajee (@ferialhaffajee) September 17, 2018​
Mildred Oliphant
Labour minister Mildred Oliphant was also in attendance at the "inter-ministerial committee", Sinton said.

The cabinet task team informed Sinton and Tshabalala that the bank should risk non-compliance with the law and keep the Gupta bank accounts open, the Standard Bank official said.
Click to expand...
https://www.businessinsider.co.za/7...anks-testimony-at-the-zondo-commission-2018-9
 
SA was the Gupta's wallet. Thanks JZ and ANC co.

ANC Sold the Country to Guptas, and still say it's white devil/Apartheid fault...
 
https://www.fin24.com/Economy/live-...-the-guptas-at-state-capture-inquiry-20180918

"These banks were very happy to do dirty business with the Guptas until the unceremonious December 2015 removal of Nhlanhla Nene as Finance Minister when South African stocks were severely devalued," said the EFF in a statement.

"By that time the Zupta Corruption machine was long in action facilitated by the very same banks."

Regardless of intention of EFF, they seem to be on the mark on this one.
 
The public are hearing the damning evidence from the banks for the first time, but the ANC have know it for how long and done f-all, ......... actually not f-all, they've kept it under wraps and protected the scum among them.
 
TysonRoux said:
The public are hearing the damning evidence from the banks for the first time, but the ANC have know it for how long and done f-all, ......... actually not f-all, they've kept it under wraps and protected the scum among them.
Click to expand...

Was about time you realized!
 
State capture: FNB refused to meet ANC to discuss Gupta bank closures
The ANC’s Enoch Godongwana has again been named in the state capture inquiry for summoning banks to the party’s headquarters to discuss the closure of Gupta-linked bank accounts.

In his testimony at the inquiry on Tuesday‚ former FirstRand group chief executive Johan Burger alleged that Godongwana had called him to a meeting with party secretary-general Gwede Mantashe.

In a series of text messages between Burger and Godongwana‚ Burger told the party’s economic subcommittee chairman that he was out of town on the requested meeting date and asked for details on the agenda of the meeting. The meeting was subsequently called off.

“I wouldn’t expect to get a call from a political party to ask questions about a bank-client relationship. In my 32 years‚ it’s the first call I ever got from any political party asking questions about a bank-client relationship‚” Burger said.
TimesLIVE on Monday reported that Standard Bank was summoned to parliament’s inter-ministerial committee‚ chaired by former minister and state capture-implicated Mosebenzi Zwane‚ where the bank was “persuaded” to retract its decision to close bank accounts belonging to Gupta-linked businesses.
Click to expand...

More at: https://www.timeslive.co.za/news/so...d-to-meet-anc-to-discuss-gupta-bank-closures/
 
UPDATE: Absa closed Gupta accounts over large, unexplained transfers

The bank declined to meet with a ministerial committee, but met with the ANC’s Gwede Mantashe, Enoch Godongwana, Jessie Duarte and Krish Naidoo.

Absa began reviewing the Gupta-owned business bank accounts as early as 2014 as explosive media reports on the controversial family increased, and did a risk assessment of the accounts, the state capture commission heard today.
Absa’s Yasmin Masithela told the commission that as a then subsidiary of Barclays PLC, Absa had to adhere to the AML (Anti-Money Laundering) policy which required that high risk and politically exposed customers undergo enhanced due diligence every year.
“In November 2014, Absa’s PEP committee [politically exposed persons committee] took a decision that we would exit the company [Oakbay] and related parties. The reasons forwarded by the committee was that Oakbay was not using Absa as its primary bank or dual bank, and Oakbay was apparently moving their banking accounts elsewhere. So Absa was therefor limited in its ability to monitoring the accounts,” said Masithela.
She said there was evidence of large unexplained transfer of funds by Oakbay to other banks. Absa could not account for these transfers, and the revenues the bank received from the Oakbay portfolio decreased over the years, said Masithela.
Click to expand...

More at: https://citizen.co.za/news/south-af...pta-accounts-over-large-unexplained-transfers
 
So ABSA were more pissed off because Oakbay was not paying them enough? :unsure:
 
WRAP: #StateCapture inquiry: Mosebenzi Zwane made 'threat' about Nedbank's licence

Former Mineral Resources Minister Mosebenzi Zwane tried to pressure Nedbank into keeping the accounts of Gupta-linked entities open, even allegedly threatening that something may happen to the bank’s licence if it did not behave in a certain way, the Commission of Inquiry into State Capture heard on Wednesday.

After Standard Bank, Absa and FirstRand gave evidence before the inquiry earlier in the week, it was the turn of Nedbank CEO Mike Brown to testify around how and why the bank closed the accounts of Gupta-linked companies.

Brown told the commission, chaired by Deputy Chief Justice Raymond Zondo, that in February 2016 the bank had escalated or prioritised the review of the accounts of the Gupta family and its associate entities. This followed negative media reports about the Guptas and their companies, which posed reputational risk. Eventually a subcommittee of the bank gave notice of intention to close the accounts.

Nedbank, like Absa, Standard Bank and FNB, was then invited by ANC chair of the the party's subcommittee of economic transformation Enoch Godongwana to discuss the closure of the accounts.

Brown said he made it clear to the ANC that he could not discuss client-specific information, but agreed to go to the meeting to give a better understanding of the powers of banks to close accounts, and address concerns that the banks had colluded to close the accounts.

"It was very important that I address the second narrative of the closure of accounts in general. I thought it was important for the safety and soundness of the financial system in general and Nedbank," he told the inquiry.

Brown said that he did not feel pressured by the ANC to reopen the Gupta accounts following the meeting. Instead, he was thanked for providing a better understanding.

Nedbank was then asked to meet with the an inter-ministerial committee (IMC) of Cabinet. Earlier in the week representatives of Standard Bank, FNB and Absa testified that they too had been asked to meet with the IMC.
Click to expand...

More at: https://www.fin24.com/Companies/Fin...e-made-threat-about-nedbanks-licence-20180919
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X