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.
Editorial State capture is the Robin Hood Principle turned on its head: robbing the poor to enrich a family of leeches. Jacob Zuma and Kemp J Kemp. Picture: Johann Hattingh/Beeld South Africa is probably the only place on the planet where comedy and tragedy are so interchangeable: sometimes our tragedy can seem comical and our comedy takes on an edge of hurt. That’s why it was difficult not to break into a small chuckle at forensic evidence yesterday at the Commission of Inquiry into State Capture – from Shadow World Investigations researcher Paul Holden – that the estimated “total funds disbursed by organs of state in expenditure tainted by state capture” was the sum of R49 157 323 233.68. 68 cents? It’s difficult not to laugh at the precise –.
State paid out R49bn to #Gupta family entities, Zondo inquiry hears ofm.co.za - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ofm.co.za Daily Mail and Mail on Sunday newspapers.
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And the final pot of gold always ended up with the Guptas. 00:01
Billions in taxpayer money was awarded through tainted contracts, âlaunderedâ in SA, and moved offshore. Image: Waldo Swiegers, Bloomberg
Paul Holden, co-founder and director of Shadow World Investigations, appeared at the Zondo Commission of Inquiry into allegations of state capture on Monday (May 24) to give evidence on Gupta contracts with state-related entities.
Shadow World Investigations focuses on cases of grand corruption, corporate malfeasance and militarism (co-founder Andrew Feinstein was an ANC MP until his resignation in 2001 when the party refused to properly investigate the arms deal).
SA spent R49 billion on suspect deals linked to Guptas
By S’thembile Cele
(Bloomberg) – South Africa’s government spent R49bn ($3.5bn) on contracts linked to the Gupta family, who’ve been accused of being in a corrupt relationship with former President Jacob Zuma.
The estimate was compiled by Shadow World Investigations, Paul Holden, director of investigations at the London-based non-governmental organisation, told a judicial inquiry into state corruption on Monday in Johannesburg. The Guptas and Zuma deny any wrongdoing.
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