Set against the backdrop of Franschhoek’s breathtaking mountain range, the historic La Terra De Luc wine estate was revealed in the Panama Papers to be owned by the family of Vito Palazzolo, a notorious financier alleged to have worked for the Italian mafia.
There are several mechanisms, including large cash purchases, the use of third parties , and buying or selling properties for significantly different values than market prices, that could enable people to profit from South Africa’s real estate market. Artificial leases could also allow illicit funds to be laundered.
But Pam Golding allegedly received illegal funds in their trust account on behalf of then-president Guebuza’s son, according to the US court transcripts. Through a law firm, Pam Golding declined to respond to requests for comment but confirmed the matter was under investigation.
This is a really silly article. What easier way to recover illegal funds than to attach a property.
Real estate market is a haven for money launderers
Finally.
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