The National Treasury initially issued a statement on crypto assets in 2014 as a joint initiative with the South African Reserve Bank (SARB), the Financial Services Board (now the Financial Sector Conduct Authority), the South African Revenue Service and the Financial Intelligence Centre.
He told the commission about contracts awarded by SOEs and money paid to Gupta enterprises.
Holden said a company made monthly payments to Gupta enterprise front companies .
The State Capture Inquiry heard how a company that received many contracts from state-owned entities (SOEs) made monthly payments to Gupta enterprise front companies, which operated as alleged laundry vehicles.
This was according to Paul Holden, a director of Shadow World Investigations, who appeared for the second time at the Zondo Commission on Monday.
Holden said Combined Private Investigations (CPI) received the contracts between January 2013 and January 2016.
He said, initially, the monthly payments were R500 000.
While the Covid-19 pandemic slowed private equity (PE) deal-making and fundraising in Southern Africa in 2020, certain sectors within the industry still stand to benefit from the ongoing wave of portfolio and balance sheet restructurings.
‘During 2020, various market experts were aligned that the economic cycle seemed to have created opportunities for PE players to pursue public-to-private transactions and to acquire businesses or divisions of listed groups that needed to rationalise and pay down debt,’ says
Jutami Augustyn, partner at leading African law firm, Bowmans. ‘This still seems to be the case as we move into the next quarter of 2021 and we expect more to come.’