17th January 2018
South African prosecutors have called for two consultancy firms to repay $130 million (£94.4 million) they earned from the state power company, Eskom. McKinsey, and a local firm called Trillian, were paid the sum in 2016 for giving advice. Trillian was controlled by the Gupta family, whose closeness to President… Read More
8th January 2018
South Africa’s parliament said on Sunday it would review its rules relating to removing the country’s president, after the constitutional court said on 29 December that lawmakers had previously failed to hold President Jacob Zuma to account. The court ruling has piled pressure on Zuma and his allies as his… Read More
22nd December 2017
Eye Witness News Cyril Ramaphosa, the new leader of South Africa’s governing ANC party, said on Thursday he aims to stamp out corruption and pursue a policy of “radical economic transformation” that will speed up expropriation of land without compensation. Ramaphosa, a 65-year-old union leader who became a businessman and… Read More
14th December 2017
The United Kingdom’s Financial Conduct Authority has progressed with its inquiry into the involvement of British banks in facilitating alleged money laundering for a controversial South African business empire, according to Lord Peter Hain. On Tuesday, during a debate on the Sanctions and Money Laundering Bill, Lord Hain said… Read More
12th December 2017
South African President Jacob Zuma has been issued a fresh deadline to the end of January 2018, by the country’s National Prosecuting Authority (NPA), to submit arguments on why he should not be prosecuted for corruption. The 783 charges against Zuma relate to a 30 billion rand (2.20 billion dollars)… Read More
11th December 2017
eNCA The Progressive Professionals Forum (PPF) opened a docket of inquiry for criminal charges against embattled furniture giant Steinhoff in Stellenbosch on Saturday. The organisation said it would also write to Public Protector Busisiwe Mkhwebane asking her to initiate a comprehensive inquiry into asset management companies sub-contracted by the Public… Read More
27th November 2017
By Amabhungane and Scorpio, Daily Maverick KPMG green-lighted three Gupta deals that bore multiple hallmarks of money laundering. In these, suspicious foreign entities paid millions for shares in dormant local shell companies. Our investigations suggest that at least two of the transactions were a cover to bring dirty money home. Read More
13th November 2017
By Rob Davies, Guardian HSBC has revealed that it closed accounts linked to South Africa’s Gupta family corruption investigation, admitting for the first time concerns about its potential ties to the snowballing scandal. The bank said it had also flagged up its worries to the financial crime expert who has… Read More
10th November 2017
The developments around audit firm KPMG following its implication in state capture has stressed the need to introduce reforms in the auditing and accounting professions, said Deputy Reserve Bank Governor Francois Groepe. Groepe delivered an address at the Financial Stability Forum at the South African Reserve Bank (SARB) on Thursday… Read More
3rd November 2017
The SA Revenue Service (Sars) said on Friday it was considering taking criminal and civil action against investigative journalist and author Jacques Pauw and the Sunday Times newspaper following an exposé about President Jacob Zuma’s income and tax affairs. This comes after last weekend’s Sunday Times’ lead story, “Gangster republic:… Read More