to several cases of bribery and commodity price manipulation in Nigeria, Cameroon, Ivory Coast, Equatorial Guinea, Brazil and Venezuela.With the sale of Optimum and Koornfontein mines, Tegeta Exploration and Resources also took control of the mines’ rehabilitation trusts with a combined worth of R1,8-billion.About three months later, on 23 May 2016, Ragavan, Govender and Nath allegedly started their pillage of the trust funds to help the Gupta businesses stay afloat.
Two years later, in an affidavit dated 4 April 2018, Govender attempted to explain the money flows to the NPA’s Asset Forfeiture Unit, claiming: “The money was required for the business rescue practitioners, who were then operating Optimum Coal Mine , to make payment to the rehabilitation contractor for rehabilitation work carried out at the mine.”
Making lemonade out of lemons, Tegeta, as the new owner of Koornfontein Mine, informed the Department of Mineral Resources that all four major banks were in the process of closing their accounts and for that reason the trust funds had to be moved. The department agreed, as long as legislation was adhered to.
Joel Raphela, deputy director-general of the department, gave signed approval and attached a list of conditions. A similar letter, also signed by Raphela, was handed to the Bank of Baroda where the funds were held. But, the NPA argues, the letter only stated that the department “grants approval in principle to access the funds held in the account of Koornfontein Rehabilitation Trust”. None of the conditions spelt out to Tegeta was communicated to the Bank of Baroda.
None of the above is related to the rehabilitation of Koornfontein, but sure looks a lot like money laundering, the NPA argues.
PaulivW Why are the Bank of Baroda, Mosebenzi Zwane and Brian Molefe excluded from this list? Surely there is no lack of evidence there?
PaulivW To you and all those that love this country, I say thank you. Turning this titanic [ sinking SA ] around requires all of us to do our bit. May justice pre - vail in lifting the spirit of the downtrodden SA citizen today. I love our people.🙏🏽🎚️🇺🇦🇿🇦
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Two Gupta associates and former state official arrested for alleged R107m fraudTwo Gupta family associates and a former senior government official have been arrested for allegedly laundering R107.5m meant to rehabilitate the Optimum coal mine in Mpumalanga. Zulu-Indian economic war against the people of south africa. Took very long didn't it. 'GUPTA family associates'? These people don't have names, their first names are 'Gupta family associates'🤣🤣🤣 you're more than rubbish, you're 💩💩💩🤮
Source: SundayTimesZA - 🏆 47. / 51 Read more »
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