State funds ended up in Guptas clutches in three ways, Zondo commission hears
By Kailene Pillay
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Johannesburg - The state capture commission has heard explosive evidence from the director at Shadow World Investigations, Paul Edward Holden, who revealed that over R49 billion of state funds had been disbursed in expenditure tainted by state capture.
The Gupta enterprise, he estimated, earned just over R16bn of that money.
Holden, who gave evidence from an off-site location, explained how state funds were laundered through an enormous and complex manner via numerous Gupta-linked shell companies.
He simplified it, explaining to the commission that the state funds ended up in the Guptas clutches through three ways.
‘South Africa lost R49 bn due to state capture, corruption’ Updated
Gaopalelwe Phalaetsile
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The commission of inquiry into state capture has heard that South Africa lost R49 billion to state capture and corruption-related activities.
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Holden testified via Zoom from the British capital.
He testified on amounts of monies paid by different government departments, including the Free State provincial government, the North West government, and several SOEs through contracts tainted by state capture.
Most of these monies were paid directly to companies not owned by the Guptas, but linked to them through their business associates.
The money subsequently ended up directly into Gupta-owned entities.