Absa shut Hlongwane accounts as money was ‘tainted’
According to the Sunday Times Absa closed the bank accounts of Fana Hlognwane because they were linked to tainted money he obtained via the arms deal. Hlongwane masqueraded as a "consultant" in the government’s controversial arms deal and he was allegedly paid more than R200-million in commission at the time. Hlongwane was a special adviser to the then defence minister Joe Modise when the R46-billion arms deal was signed in December 1999. Absa closed Hlongwane’s accounts, which had multimillion-rand balances, in August 2013 after he was classified as a "politically exposed person" and a "high-risk client". This followed a Sunday Times report in 2010, which said documents in the newspaper’s possession showed the businessman had been indirectly paid more than R200-million by British defence company BAE and its agents. It is suspected the cash was used to bribe officials. Read the full story here.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.