STUART THEOBALD: Optimum trust is the nexus of Guptas, tax commissioner and mining minister
Perhaps the most shocking of the R6.8bn in suspicious transactions connected to the Guptas that were flagged by the Financial Intelligence Centre (FIC) is R1.3bn paid from the Optimum Rehabilitation Trust. Finance Minister Pravin Gordhan revealed the transfer was approved by the Department of Mineral Resources and was part of R1.5bn held for the trust by Standard Bank, which was closing the account. The amount was set to be transferred to the Bank of Baroda, the only bank that continues to do business with the Guptas. It looks quite clear that the transfer from Standard Bank to Baroda took place. I have examined the Reserve Bank returns for Baroda. As at the end of May 2016, it was holding deposits on behalf of nonprofit organisations of R776m. Suddenly, at the end of June, that number shot up to R2.16bn, corresponding roughly to the amount referred to by the FIC. As at the end of August, the most recent returns available, that amount was still there. It makes a big difference to th...
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