The revelation of a British law maker -Peter Hain-about the scale and range of corruption former South African President Jacob Zuma’s time should send shivers across cross sections of the people involved during the previous government. The statement carried prominently in media said that corruption of Jacob Zuma was enabled by international banks, companies and governments, which are now seeking to recover the loot they helped to launder. He named HSBC, Standard Chartered and India’s Bank of Baroda as well as their senior directors in abetting the corruption and said they are “directly culpable” in looting of South Africa’s treasury. This, he said, in his submission to the Judicial Commission of Inquiry into Allegations of State Capture. Referring to the role of the India’s Gupta brothers in perpetrating corruption, he said that they could not have amassed this illicit wealth without the tacit involvement of corporates and the banks.
Jacob Zuma, who was ousted last year over corruption allegations, is facing a judicial inquiry. While agreeing to cooperate with the authorities, he dismissed the probe as prejudiced and mala fide to fix him. The judicial inquiry is also investigating accusations against the Guptas – prominent businessmen brothers Atul, Ajay and Rajesh-who allegedly influenced Zuma over political appointments and state contracts. Hain implored the banks, global corporates and foreign governments to cooperate better so all those involved are brought to justice.
In his submission Hain who is a labor activist and a person fought against apartheid, said a number of international banks helped the Guptas cloak the source of their funds – by allowing them to open and maintain bank accounts transferring illicit funds into these accounts. The banking authorities said they are cooperating with authorities but claimed that their books are clean
