Economy

HSBC and Standard Chartered investigated over Gupta links

The Financial Times reported that Peter Hain had raised concerns with Chancellor of the Exchequer Philip Hammond about evidence from whistle-blowers and other sources.

According to letters seen by the Guardian, Lord Hain wrote to Hammond last month after whistleblowers told him that hundreds of millions of pounds had been illicitly moved out of South Africa via Hong Kong and Dubai, and that United Kingdom banks may have been compromised, since they have strong presences in those financial centres. The brothers are being investigated in South Africa over their close links to President Zuma.

Responding to Hain's letter, the chancellor said he had referred his concerns to the SFO, FCA and NCA and had also asked his officials to discuss the matter with the UK High Commission in South Africa.

Lord Hain, who is an influential former United Kingdom politician, says the crisis is precipitated by a "vast criminal network" facilitated by the Guptas and the Zuma family.

Ajay, Atul and Rajesh Gupta are Indian-born entrepreneurs at the centre of a corruption investigation in South Africa.

Earlier this year, British PR firm Bell Pottinger collapsed after becoming embroiled in the scandal, after it was ejected from the UK PR industry body for allegedly helping stir up racial hatred on behalf of the Guptas.

Lord Hain, a leading anti-apartheid campaigner who grew up in South Africa, urged United Kingdom authorities "to track that stolen money down and make sure that British financial institutions help return it to South African taxpayers".

Treasury minister Lord Bates said the United Kingdom was committed to tackling corruption in the United Kingdom and overseas with strict rules on money laundering introduced recently which British banks must follow.

An FCA spokesperson confirmed that it had been approached, saying: "The FCA is already in contact with both banks named and will consider carefully further responses received".



Like this

Latest


19 October 2017
Halcon Resources Corporation (HK) Upgraded to Buy by Seaport Global Securities
The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website . If you are viewing this report on another website, it was stolen and republished in violation of USA and global copyright laws.

19 October 2017
Accountability court reserves decision to indict ousted PM Nawaz , daughter, son-in-law
After the Panama Papers were published, PM Nawaz Sharif's son, Hussain Nawaz, had accepted the family's ownership of the flats. PML-N Lawyers Forum has already announced that they would not come to witness the indictment proceeding on Oct 19.

19 October 2017
Man City star Kevin De Bruyne gets frustrated with Silva and Fernandinho
We kept in control because he stopped that penalty. "Everyone is playing at a high level". If we did not play good, we could not beat that team".

19 October 2017
Italy to face Sweden in World Cup playoffs
They are strong defensively and they will be very physical against us. He told the Irish Sun: "We are discussing that with the Danish FA".

19 October 2017
Seychelles schools re-open as plague cases test negative
Plague is endemic on the Plateaux of Madagascar, including Ankazobe District where the current outbreak originated. The Ministry of Health issued the alert on Wednesday evening after more than 70 people were reported dead.

19 October 2017
Georgia Lottery: Changes ahead for Mega Millions game
The first tickets for the new game will be on sale on October 28 and the first new Mega Millions draw will be made on October 31. In the updated game beginning October 28, the number ranges will be 1 to 70 and 1 to 25 for the Mega Ball.

19 October 2017
Chris Hughes is FURIOUS with Katie Price after 'leaking' messages from him
As he continues in his rant Chris says: "I've get my whole account history from Snapchat and a media lawyer will f**k you up". Be a mother, be something respectful for everyone's sake. " I showed you're true colours, you couldn't live with it ".

19 October 2017
China's economy grew 6.8% in the 3rd quarter
Retail sales were up 10.3 percent on year, beating expectations for 10.2 percent and up from 10.1 percent in the previous month. The data is expected to show 6.8% economic growth this quarter, which is down slightly from the 6.9% of the previous period.

19 October 2017
Apple Watch Reportedly Helped Detect Lung Blood Clot
Despite sitting at his desk for several hours, his heart never fell below his usual resting rate of 54. When she arrived, doctors found clots in her lungs which could have been fatal, UConn Today reported.

19 October 2017
Harvey Weinstein's brother Bob Weinstein accused of sexual harassment by TV showrunner
The producer whispered that she did not tell anyone about what happened, said the actress. In a statement, the spokesperson told Variety: 'Bob Weinstein had dinner with Ms.



Recommended