Saturday, 18 November, 2017

The FBI has started probing United States links to Guptas, according to reports

FBI UK regulators to investigate HSBC Stan Chart over dealings with South Africa’s Gupta family Philippe Lopez AFP
Melody Ballard | 20 October, 2017, 00:59

The chancellor has asked United Kingdom enforcement agencies to look into whether British banking groups HSBC and Standard Chartered are linked to South Africa's corruption inquiry into alleged ties between the wealthy Gupta family and President Jacob Zuma.

At the center of the allegations are South Africa's President Jacob Zuma and a wealthy business family, the Guptas.

Chancellor Philip Hammond reportedly said there are concerns the banks may have handled illegal funds linked to the Guptas siphoned via Hong Kong and Dubai.

South African police and prosecutors have said they are investigating allegations of corruption, including potential kickbacks from global companies, which were brought to light by a flood of emails and other documents that appear to have been obtained from Gupta-controlled companies.

In South Africa, the scandal has already ruined British public relations company Bell Pottinger and damaged auditors KPMG, which removed its top executive team in the country.

Both the Guptas and Mr Zuma have strongly denied the allegations, claiming they are part of a "politically motivated witch-hunt". They are the nephews of Atul and Ajay Gupta and own Brookfield, in which Accurate paid the funds.

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(Bloomberg) - The U.K. has asked financial enforcement agencies to probe possible ties between HSBC Holdings Plc and Standard Chartered Plc to South Africa's Gupta family, the Financial Times reported.

It's being reported that the FBI is investigating cash flows between South African Gupta-owned companies, Dubai and a company owned by Ashish and Amol in the United States.

According to email correspondence exposed via the Gupta leaks, Gupta owned businesses were shown to have taken money meant for an agricultural project in the Free State, and ran it through bank accounts in India belonging to businesses owned by the family.

He pointed to court filings by South African finance minister Pravin Gordhan about 6.8bn ZAR (£380m) in transactions involving the Guptas that were reported to South African anti-money laundering regulators.

Spokesmen for HSBC and Standard Chartered declined to comment.

Hain is expected to follow up his letter with a question in the House of Lords on Thursday asking for an update on the chancellor's progress on the matter.

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