his reprehensible chapter in SA’s recent history is outlined in gory detail in 'The Enablers'. Image: iStock
R100 billion in lost tax revenue following the attack on Sars facilitated by consulting firm Bain & Co; Lai pops up as a key Gupta enabler even though he was the recipient of just $11 600 in fees. He set up Regiments Asia and Tequesta Group Limited, both on the same day –June 20, 2014 – and had Gupta front-runner Salim Essa listed as director. Regiments Asia and Tequesta made hundreds of payments to 181 accountants.SA’s major commercial banks, when approached for comment on their roles as Gupta enablers, offered the kind of self-exculpatory bosh one might expect.
This dramatically increased the rates payable by Transnet, generating significant profits for Regiments and Nedbank. In another Transnet deal, the Guptas used shelf company Bex to facilitate the China North Rail deal with Transnet to supply locomotives. Transnet reported in December last year that it would approach the courts to recover money for locomotives paid for but not delivered. Of 232 locomotives ordered, only 22 had been delivered.
Analysis of banking records and other documents by Shadow World Investigations shows the vast majority of the R280.2 million paid to Estina by the Free State government was transferred into accounts controlled by the Guptas. Estina relied on an agreement that required further payment of R136 million for services supposedly delivered. The claim was ludicrous.
So what is Nedbank and Standard Bank saying ?
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