Connect with us


Several banks aided corruption under Zuma, British MP alleges



SOUTH AFRICA: State prosecutors may reinstate 789 corruption charges against Zuma

A British lawmaker, Peter Hain, has alleged that several international banks enabled massive corruption under former South African President Jacob Zuma.

Hain, who revealed this on Monday at an inquiry hearing on graft charges against Zuma and the Gupta family said HSBC, Standard Chartered and India’s Bank of Baroda were “directly culpable.”

Speaking in Johannesburg, the British MP further alleged that the banks were helping the Guptas to hide the source of their illicit gains through a network of bank accounts and shell companies.

READ ALSO: SOUTH CHINA SEA: Stop ‘flexing muscles’ over waterway, China warns US

“They’re all up to their neck in this,” said Lord Hain, a former anti-apartheid activist. “They continued because of course the corporates concerned, including the banks, were making money out of it.”

HSBC said it supported the inquiry while Standard Chartered said there was no evidence linking it to the Guptas even as no-one from the Bank of Baroda has commented on the allegations.

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now