Hain sets UK watchdogs on Bank of Baroda as well as Standard Chartered and HSBC
The activist has enlisted the help of UK Chancellor of the Exchequer Philip Hammond to track down about R7bn and return it to SA’s Treasury
Activist Peter Hain has enlisted the help of UK Chancellor of the Exchequer Philip Hammond to track down about R7bn in money thought to have been laundered through the Guptas’ networks, and ensure it is returned to SA’s Treasury. The Financial Times reported on Thursday that British financial watchdogs had been asked to investigate Standard Chartered and HSBC in connection with possible links to the widening state capture scandal surrounding the Guptas and President Jacob Zuma. The Guptas and Zuma deny wrongdoing. Hain on Thursday asked Hammond also to ensure that Bank of Baroda is investigated by British financial watchdogs along with HSBC and Standard Chartered. In his initial letter to Hammond, dated September 25, Hain says it became clear to him that “this Gupta/Zuma criminal network is not localised to SA — indeed, it has been enabled by a transnational money-laundering network”. Explaining his reasons for asking for probes of HSBC and Standard Chartered, he says that the major...
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.