Director of Charles King SA flagged in Panama Papers

The Panama Papers reveal that Ronald Alfred Beau is linked to 11 companies set up in Panama or the British Virgin Islands.

FILE: A screengrab of the International Consortium of Investigative Journalists website where it unpacks the details of the 'Panama Papers'.

PRETORIA - It’s emerged the sole director of the company tipped to buy Oakbay’s mining interests for nearly R3 billion was flagged in the Panama Papers, which exposed how the rich exploit offshore tax havens.

The Gupta-owned company announced on Wednesday morning it's selling Tegeta Exploration and Resources to little-known Swiss company Charles King SA.

Swiss company records show that until July, the business was registered to trade in items such as clothing and shoes.

Until the middle of July, Charles King SA was registered to trade in fashion but is now certified to also hold interests in industrial or commercial companies.

The Panama Papers reveal that its sole director Ronald Alfred Beau is linked to 11 companies set up in Panama or the British Virgin Islands – which are both tax havens.

The leaks also reveal his links to Switzerland bank Julius Baer.

Last year the bank was fined $547 million for helping American taxpayers hide billions in offshore accounts, it admitted to helping US taxpayers since the 1990s until 2009 evade taxes.

Eyewitness News has asked Oakbay why it sold its multi-billion rand mining interests to a fashion distribution company whose director is linked to international tax dodgers.

The company would only say Charles King SA is a special purpose vehicle purchased by a Dubai-based businessman to facilitate the investment.

Oakbay says the deal is worth nearly R3 billion and claims it's being struck to protect thousands of jobs.

It says Tegeta’s soon-to-be owner Amin Al Zarooni is a highly-respected and active participant in global equity markets.

While a search for his name on the internet turns up very little, Oakbay has listed several companies he apparently owns.

Oakbay says Al Zarooni acquired Swiss-based Charles King SA in order to buy Tegeta.
(Edited by Winnie Theletsane)