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Holden also took the opportunity to clarify the figures after incorrect reports that the family stole almost 800 million rand of public funds.
“The R800m refers to the aggregate tank; That is, all deposits have been made to Estina accounts. The importance of that figure is that we can show that all transfers constituted those R800m; the vast majority came from the original R280m deposited by the government of the Free State, ”he said.
Holden submitted evidence in the form of Excel spreadsheets containing data on financial ledgers, containing information on money transfers in euros, US dollars, rand and dirhams.
Chaskalson noted that the diagram presented showed that the money appeared to come from a loan from the bank accounts of Guptas’s Oakbay company, then went to The director of Estina, Kamal Vasram, and finally Estina.
He asked Holden to suggest why this could have been.
“The only possible reason I can think of is to create a degree of confusion by tracking the funds, creating a distance between Oakbay and Estina so that when a researcher looked at Estina’s Standard Bank account, for example, they would see a range of transfers … “he said.
Complex transfers could allow the farm manager to argue that he had invested his own funds in the project.
The evidence also revealed how large sums of money from Estina flowed into the UAE-linked companies of Gupta, Linkway Trading, Accurate Investments, Fidelity Enterprises, Global Corporation, Vargafield and Gateway.
Holden is expected to continue providing evidence related to the Gupta companies and the Transnet capture Monday night.
TimesLIVE
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