Standard Bank testifies in State Capture Inquiry

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A Standard Bank lawyer and group head of compliance Ian Sinton is testifying at the Commission of Inquiry into State Capture which has resumed in Parktown, Johanneburg.

The representatives of the country’s other big banks will also testify this week. The commission is seeking to establish why the banks decided to close the accounts belonging to the Guptas.

In March 2016, FNB, Absa, Standard Bank and Nedbank announced that they were cutting ties with the Gupta-owned company Oakbay after detecting several suspicious transactions.

At the time the Gupta family was in the spotlight for controversial deals with various state entities.