Director of investigations at London-based Shadow World Investigations, Paul Holden, has explained to the Commission of inquiry into State Capture how the Guptas used a complicated and broad network system to launder stolen money.
The global organisation investigates cases of grand corruption and corporate malfeasance.
Holden testified that money that was received through corrupt contracts would go through several local and international shell companies.
He says their investigations show that the funds would then flow to some sort of end point offshore with most of the money ending up in Hong Kong and China.
Holden says the laundering system they used was complicated but had a pattern.
“Combined private investigations is a firm we have identified in the report as receiving quite a large amount of state contracts from different sources providing amongst other things security services. And it made quite substantial payments to first level laundry network.”
“And that’s R1.75 million and it made that payment to Mejul. Mejul then transfers R1 554 245.16 to an entity called Sammid Bullion Group. The Sammid Bullion Group is what I call the spider web,” explains Holden.
Below is the live stream to Holden’s testimony:
