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Standard Bank's Ian Sinton implicates two cabinet ministers in state capture

17 September 2018 1:11 PM
Tags:
State Capture
Standard Bank
Zondo Comission of inquiry

Standard Bank’s head of compliance Ian Sinton told the commission two ministers bullied the bank not to close Gupta's accounts.

Standard Bank’s head of compliance Ian Sinton is the first witness from the banking sector to testify at the Zondo Commission of Inquiry into State Capture.

The commission is focusing on the closure of Gupta accounts by some of the country's biggest banks.

Sinton tells the commission that some of the bank's executives were summoned to Luthuli House to explain the decision to terminate Gupta-linked bank accounts.

He says that they were asked if they were part of the white monopoly capital oppressing black people. He adds that they were also asked if they were colluding with other banks on this because Absa at the time was also mentioning its intentions to terminate the Gupta's accounts.

This is according to a report by EWN reporter Gia Nicolaides.

Read: State capture goes beyond the Gupta and Zuma families, study reveals

They were also called to the interministerial committee meeting where the then minister Msebenzi Zwane indicated to them that government had the authority to change the laws that will prohibit them from closing the accounts.

Gia Nicolaides, EWN reporter

He says the purpose of these meetings was really an attempt by Msebenzi Zwane and Mildred Oliphant to change their minds that they cannot close the Guptas accounts.

Gia Nicolaides, EWN reporter

Nicolaides says Sinton directly implicated two cabinet ministers who were persuading it not to close the Guptas accounts.

He says the bank was bullied into changing their minds about closing the Guptas accounts.

To hear the rest of the report by Gia Nicolaides, listen below:


This article first appeared on CapeTalk : Standard Bank's Ian Sinton implicates two cabinet ministers in state capture


17 September 2018 1:11 PM
Tags:
State Capture
Standard Bank
Zondo Comission of inquiry

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