'Firms such as Estina paid millions of dollars to Gupta offshore companies'
A researcher at a forensic investigator on Thursday testified at the state capture commission about the Estina Dairy Farm offshore money flows, some of which he said were money laundering.
JOHANNESBURG - Researcher at London-based forensic investigators, Shadow World Investigations, Paul Holden, on Thursday said companies including Estina paid millions of dollars to Gupta offshore companies, and he said the question was why?
Holden testified at the state capture commission about the Estina Dairy Farm offshore money flows, some of which he said were money laundering.
He presented forensic evidence that showed how the Guptas opened accounts to launder money from the Free State and closed them as soon as they were done.
Holden said the provincial government paid more than R280 million to the Gupta enterprise. And they made another R7 million in interest from those deposits.
Holden detailed some of the transactions: “The first is the Estina Limited amount which gets paid $8.3 million and I think we have every right to ask why Estina Limited is paying this amount of money to an offshore company.”
He said the Guptas opened fixed deposits and call accounts to receive the Estina money, raised loans against it, and then closed them as soon as the money had gone out.
WATCH: State capture commission proceedings