Illustrative image | National Director of Public Prosecutions Adv Shamila Batohi; Optimum Colliery entrance.
Prior to this deal, the NDPP took the view that McGowan was a knowing participant in the laundering of Gupta cash that he should have reasonably suspected was the proceeds of crime. That would have potentially enabled prosecutors to prove the illegal origins of the Guptas’ cash, notably in this case the $100-million they lent to McGowan’s Bermuda-registered company, Centaur Ventures Limited – a joint venture with their Sun City son-in-law Akash Gargh.
That security deposit can be traced back to the $100-million loan facility provided to CVL by the Gupta’s UAE-based company, Griffin Line. As head of the Asset Forfeiture Unit, Juliana Rabaji-Rasethaba puts it in her affidavit in support of the settlement: “The primary outstanding disputed issue concerns the NDPP allegation that funds originating in the UAE-based company Griffin Line General Trading LLC are, on a balance of probabilities, proceeds of crime.
At Optimum, McGowan moved from having his claims rejected by the BRPs to making them allies in his bid to convert his claims into a takeover of the companies that would see them exit business rescue and deliver a handsome bonus to the BRPs. One order preserved the shares in the Optimum mine and terminal; the other preserved McGowan’s creditor claims in the business rescue, held under a company called Templar Capital.
“In short, she has not shown from whom Griffin Line obtained its funds or that the Griffin Line funds are tainted.”McGowan attacks the evidentiary basis of both legs of the case, which go to the heart of the substratum of evidence underpinning the key allegations involving the entire Gupta “criminal enterprise”.
Critically, he argues that the NPA is still seeking international assistance to trace the flow of the funds laundered out of the Hong Kong bank accounts that received the gigantic commission payments made by Chinese manufacturers on the Transnet locomotive deals. “In the circumstances, the NDPP has not proved that the monies paid by the Chinese locomotive companies were illegal or the proceeds of unlawful activities; or, if they are, that any of those monies were paid to Griffin Line; or, if they were, that any of those same monies made their way to CVL. The NDPP may have a hypothesis on what she believes may have taken place but this hypothesis, on the NDPP’s own version, is based on unsubstantiated inference alone, not admissible evidence.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: dailymaverick - 🏆 3. / 84 Read more »
Source: Moneyweb - 🏆 5. / 77 Read more »
Source: dailymaverick - 🏆 3. / 84 Read more »
Source: News24 - 🏆 4. / 80 Read more »
Source: dailymaverick - 🏆 3. / 84 Read more »
Source: TheSAnews - 🏆 25. / 59 Read more »