FBI opens investigation into Guptas

Lord Hain who campaigned against apartheid told peers that he was horrified at how South Africa’s leadership was “betraying” the values for which he and his parents had fought

Lord Hain who campaigned against apartheid told peers that he was horrified at how South Africa’s leadership was “betraying” the values for which he and his parents had fought

South Africa's Royal Bafokeng Platinum will terminate a contract with a company linked to the politically connected Gupta family, according to two people familiar with the decision.

The Guptas had their accounts closed by South Africa's four biggest banks a year ago because the lenders were concerned they would fall foul of regulations aimed at combating money laundering and other financial crimes.

There has been no comment from Gupta spokesman, Gary Naidoo.

According to media reports, the FBI's investigation will focus on Ashish and Amol Gupta - both USA citizens.

Standard Chartered in London said they were not able to comment on details of client transactions but added that "after an internal investigation, accounts were closed by us by early 2014".

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".

Last month Corruption Watch announced it would approach the United States justice system to investigate the firm's conduct in South Africa.

The Guptas and Zuma have denied any wrongdoing.

'We are concerned about the allegations in South Africa and the British High Commissioner is monitoring the issue closely, ' he told the House.

Chancellor Philip Hammond has asked regulators to look into allegations of money laundering relating to the Gupta family and South Africa's President.

Lord Hain told the Press Association: "I have written to the Chancellor asking for British authorities to investigate British financial institutions that may have been used as conduits for money laundering".

South Africa's President Jacob Zuma and a wealthy business family, the Guptas, are thought to be at the centre of the claims, raised by former cabinet minister Lord Hain.

Brookfield allegedly received payments to a US bank account from Accurate Investments, a United Arab Emirates company tied to the Gupta family, in 2014, according to documentation seen by the Financial Times.

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