StanChart closed accounts linked to S.Africa's Gupta family in 2014

19 October, 2017, 19:15 | Author: Leticia Walters
  • FBI UK regulators to investigate HSBC Stan Chart over dealings with South Africa‚Äôs Gupta family

"It will be no secret to financial crime experts that criminals target large and credible financial institutions for the same reasons that legitimate multi-national networks do - for their global reach", Mr Hain, who grew up in South Africa, said in a September 25 letter to the United Kingdom chancellor of the exchequer, or finance minister, Philip Hammond.

Amabhungane revealed in July how the Gupta leaks exposed the controversial family as acting as brokers to facilitate contracts for key state-owned entities.

Meanwhile, the Financial Times on Thursday reported that the FBI had opened an investigation into possible links between the Guptas and "individuals, bank accounts, and companies in the US".

Standard Chartered in London said they were not able to comment on details of client transactions but added that "after an internal investigation, accounts were closed by us by early 2014".

The UK's Financial Conduct Authority said that it has already been in contact with the banks, and was considering their responses, according to the FT.

The Financial Times reported that Peter Hain had raised concerns with Chancellor of the Exchequer Philip Hammond about evidence from whistle-blowers and other sources.

The suggestion is that the banks acted as conduits for moving large sums of money out of South Africa against money-laundering regulations. HSBC said it had no comment on the matter.

Mr Zuma and the Guptas strongly deny wrongdoing, and say they are victims of a "politically motivated witch-hunt".

KPMG, McKinsey and SAP have all been implicated and all three of these institutions are facing various investigations for their business dealings with the Gupta family and South Africa's SOEs.

The Gupta brothers Ajay, Atul and Rajesh Gupta have interests in computer, mining, media, travel, energy and technology and employ about 10,000 people through their company Sahara Group. "It should not be restricted to South Africa", he told reporters.

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