Publications
Partners
Cape Town - Things are heating up for the Gupta family, but there has been no indication yet whether the 72 suspicious transactions worth R6.8bn with which the family is connected, will be investigated further.
In August 2016, the Financial Intelligence Centre (FIC) listed suspicious transactions linked to Gupta bank accounts. The 72 transactions took place between December 2012 and June 2016.
About R6.84bn was involved and SA's largest banks, including Nedbank, Standard Bank, Absa, FNB and Investec, consequently closed the accounts related to the Guptas.
Network24 has asked the FIC to confirm whether an investigation is being conducted and what progress has been made.
The FIC told Network24 that businesses should notify the FIC of transactions which they consider to be suspicious or unusual.
READ: Guptas sell Tegeta to Swiss owner
Certificate issued
The certificate issued by the FIC in terms of the Financial Intelligence Centre Act (Fica) - like the one with the 72 transactions involving Oakbay and the Gupta family - confirm that businesses identified the relevant transactions as suspicious and reported them to the FIC.
According to the FIC, the certificate, however, does not confirm that the transactions are suspicious.
Banks' reports and other information are used to conduct analyses and draft financial intelligence reports.
The SA Revenue Service (SARS), the SA Police Service (SAPS), investigation and prosecution units and other relevant authorities then request the reports, or the FIC refers them to the reports if necessary, for further action and investigation.
Whether this was done in the Gupta cases, remains a mystery.
Fica confidentiality requirements prevent the FIC from confirming or denying whether he has referred any specific information for follow-up actions or investigations.
The controversial Gupta family's company Oakbay Investments announced on Monday that Mzwanele (Jimmy) Manyi's company Lodidox and Management bought ANN7 for R300m and The New Age for R150m.
These transactions follow on the decision by the Indian Bank of Baroda to turn its back on the Guptas companies.
Opposition parties and analysts argue, however, that the ANN7 transaction is just a way to prevent the companies' accounts from being closed.
On Wednesday Oakbay Investments said it sold Tegeta Exploration and Resources for R2.97bn to Swiss investment management company Charles King.
Tegeta forms the center of former Public Protector Thuli Madonsela's report on state capture.
Read more business news in Afrikaans on Netwerk24.
SUBSCRIBE FOR FREE UPDATE: Get Fin24's top morning business news and opinions in your inbox.
Read Fin24's top stories trending on Twitter: Fin24’s top stories
