Guptas used web of companies in huge cash cover-up, Zondo probe hears
13 March 2019 - 07:00
By AMIL UMRAW
Image: ALON SKUY Chief Justice Raymond Zondo heard how millions of rands of state-owned entities were allegedly siphoned to Gupta-linked shell companies.
Account records from Standard Bank have revealed an intricate web of alleged money-laundering, through which hundreds of millions of rand from state-owned entities were siphoned to small Gupta-linked shell companies.
The state capture inquiry heard on Tuesday how the Gupta family and their business associates set up a string of companies that scored huge contracts with parastatals such as Eskom and Transnet, and moved money between one another to disguise its source.
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