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Zondo hears how transactions in Estina looting used to cover laundering trails

Researcher Paul Holden describes some of the reasons for the intricate flows: “I suspect two primary purposes; the one is to make the tracing of the funds slightly more difficult, and the second is that it creates a break for Estina, which can be used to justify if there ever was an investigation.”

FILE: Deputy Chief Justice Zondo during the first public hearing on state capture allegations in Johannesburg on 20 August 2018. Picture: AFP

JOHANNESBURG - Researcher of forensics firm Shadow World Investigations, Paul Holden, said some of the transactions in the flow of Estina funds was intended to break the trail of laundering in case investigators started looking.

Holden is back at the state capture commission on Friday where he is detailing those very hidden transactions.

He said some of the R280 million that was paid by the Free State to Estina was used to raise loans offshore and only returned to buy dairy equipment when there was an uproar.

READ MORE: 'Firms such as Estina paid millions of dollars to Gupta offshore companies'

Holden describes some of the reasons for the intricate flows: “I suspect two primary purposes; the one is to make the tracing of the funds slightly more difficult, and the second is that it creates a break for Estina, which can be used to justify if there ever was an investigation.”

ALSO READ: Inexperienced Gupta associate was paid over R3m in Estina farm money - Holden

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