Ian Sinton took the stand at the state capture commission of inquiry on Tuesday and explained taht Standard Bank’s decision to cut ties and the risks it identified.
JOHANNESBURG - Standard Bank’s head of compliance Ian Sinton has given insight into the bank’s decision to cut ties with companies linked to the Gupta family, saying there were suspicious transactions that flowed in and out of the firm’s bank accounts.
He told the commission about the first time Standard Bank had suspicions and concerns around Gupta-related entities or persons associated with the family. Sinton said when the bank decided to investigate entities related to the Gupta family, they found suspiciously large amounts of money coming in and out of bank accounts of companies such as Regiments Capital.
He said the bank identified risks in its dealings with other Gupta-linked companies such as Oakbay, international consultancy company McKinsey and Trillian Capital Partners.
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