Published: Fri, October 20, 2017
Entertaiment | By Lawrence Myers

Federal Bureau of Investigation launches probe into Guptas over cash flows

Federal Bureau of Investigation launches probe into Guptas over cash flows

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

Hain on Thursday asked Hammond also to ensure that Bank of Baroda is investigated by British financial watchdogs along with HSBC and Standard Chartered.

The Guptas have not been charged with any crime in South Africa, but the issue of their alleged activities is one of many that has dogged the Zuma presidency.

Brookfield allegedly received payments to a US bank account from Accurate Investments, a United Arab Emirates company tied to the Gupta family, in 2014, according to documentation seen by the Financial Times.

The long arm of the law is finally catching up with South Africa's crony capitalist Guptas and their network of criminality and corruption. The FBI is investigating payments made by a Gupta-linked UAE front to the nephews' US-based company Brookfield.

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But leaked emails and official investigations have fuelled claims that the Guptas have bought influence in government in order to loot state enterprises.

Standard Chartered said: "We are not able to comment on the details of client transactions, but can confirm that following an internal investigation accounts were closed by us in 2014".

(Bloomberg) - The U.K. has asked financial enforcement agencies to probe possible ties between HSBC Holdings Plc and Standard Chartered Plc to South Africa's Gupta family, the Financial Times reported.

Spokespeople for HSBC and Standard Chartered declined to comment.

A spokeswoman for the FCA said it was already in contact with the banks named by Lord Hain and would "consider carefully further responses received".

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He said it has been estimated that around £400m could have been laundered through financial institutions in South Africa.

Transnet's contracts with Swiss crane manufacturer Liebherr and China South Rail is set to star in the FBI investigation, as United States authorities show they are not shy to pursue investigations against foreign nationals that may be using the American for possible money laundering.

Ex-Northern Ireland secretary Lord Hain said the chancellor had agreed the matter would be looked into.

He said he was not accusing British banks of complicity in money-laundering but wanted them to help recoup any funds that have left the country by illicit means.

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