State Capture Commission hears evidence on off-shore money flow

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The Commission of Inquiry into State Capture is currently hearing evidence on off-shore money flow related to the Estina dairy farm project in Vrede in the Free State.

A researcher employed by Shadow World Investigations in London, Paul Holden, is testifying on how the money allocated to the project intended to uplift black emerging farmers, was allegedly transferred to Gupta-linked bank accounts.

The Free State government spent more than R200 million on the project in payments made to Estina.

Holden says a United Arab Emirates (UAE) based Gupta company, Gateway Limited, was allegedly used as the money laundering vehicle.

“It is only used in 2013 to receive payments from one transact related contractor and immediately dissipate out those funds to other Gupta enterprise companies offshore.”

“It is also used in this particular instance as a vehicle through which fund from the Estina project are eventually co-mingled into a singular account from the Gupta enterprise to be paid into South Africa. It is mostly just a place holder through which funds are being flowed as part of a laundry process,” explains Holden.

Below is the live stream for Thursday: