Sasfin’s chief executive, Michael Sassoon, pointed out that this is a claim for damages and has nothing to do with Sasfin’s tax affairs. Sasfin has concluded that the claim will not result in the recognition of any liability and does not affect its capital position.
The SA Revenue Service alleges that at least R8.2-billion in untaxed funds, linked to the vast Gold Leaf Tobacco money laundering racket, were unlawfully sneaked out of the country over the past decade - mainly with the help of 11 Sasfin employees. This happened amid repeated warnings over the.
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