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Nov 17, 2024 | 
amabhungane.org | Dewald van Rensburg
RECAP: In our previous instalments we delved into RENS Kontant in Transito – one of the cash-in-transit companies seemingly acting as a conduit for moving funds for a broad and exotic clientele. Looking even deeper, we managed to find what may have been a previously unknown route for the dissipation of state capture loot. The Gupta family and the sprawling network of fixers that coalesced around them did South Africa one favour.
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Nov 3, 2024 | 
amabhungane.org | Dewald van Rensburg
RECAP: Up until now our series on money laundering has focused on the network around alleged money launderer Howie Baker, gold trader Andries Greyvensteyn and tobacco mogul Simon Rudland. In this instalment we take a closer look at a below-the-radar player in the notorious cash-in-transit industry that has moved huge amounts of money for an extremely shadowy clientele which includes international fraudsters, dodgy accountants, an alleged pyramid scheme and, seemingly, state capturers.
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Oct 28, 2024 | 
amabhungane.org | Dewald van Rensburg
Recap: In Parts One and Two of this series we saw how illicit gold seemingly made its way through a system winding all the way from the Reserve Bank’s Krugerrand subsidiary through a coin-dealing pastor to exporting refineries, allegedly in service of a huge tax scam. The next stop is Dubai and, the evidence suggests, a vast money laundering network with one mission in particular: sending huge sums to an entity called Aulion Global Trading – this time seemingly involving entirely fictitious gold.
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Oct 21, 2024 | 
amabhungane.org | Dewald van Rensburg
Recap: In the previous two instalments of this series we tracked allegations of the rise of a colossal scam to melt down tax-free Krugerrands and employ so-called “invoice factories” to fraudulently claim back VAT. Now we see how SARS’ best efforts to kill this practice may have birthed an audacious new scam: fake mines that exploit a tipper truck-sized loophole in recent regulations. We examine one possible example of how this might work.
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Oct 14, 2024 | 
amabhungane.org | Dewald van Rensburg
Recap: In Part One we saw how Zimbabwean pastor Frank Sadiqi managed to become one of the country’s biggest Krugerrand traders, buying a staggering R19-billion’s worth between late 2017 and 2020. Much of this was apparently destined for illegal use in a massive tax scam before Rand Refinery withdrew his trading license. Sadiqi’s African Medallion Group (AMG) sold mainly to four related parties, but what happened behind the screen of self-dealing?
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Oct 9, 2024 | 
amabhungane.org | Dewald van Rensburg
This story is part of our new series The #Laundry, which explores a vast, tangled web of international money laundering networks. You can read the introduction to this series here. In April last year there was an escape attempt from Johannesburg Prison (aka Sun City). It was a simple plot: a SAPS detective, since arrested, allegedly fabricated an investigation which, the detective claimed, necessitated the booking out of the would-be escapee.
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Oct 8, 2024 | 
bizcommunity.com | Buyeleni Sibanyoni |Dewald van Rensburg
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Join us this Thursday, 10 October 2024, for the third edition of the Daily Maverick Masterclass in Marketing series, hosted by brand and strategy expert David Blyth, Africa Partner - eatbigfish. This session features Sharon Keith, the outgoing marketing director at Heineken Beverages and Abey Mokgwatsane from Investec, who will share their insights on how marketing is evolving in today’s complex business landscape.
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Oct 8, 2024 | 
amabhungane.org | Dewald van Rensburg
Consider this dilemma. It is Covid lockdown and cigarette sales are banned. You manage to sneak huge volumes of cigarettes into the country nonetheless, or perhaps you keep manufacturing them here and pinkie-swear they are meant for export. Either way, cigarettes are sold under the counter and the onerous “sin taxes” are conveniently forgotten. The result: literal boxes of cash you’d rather not declare to anyone. What to do? Consider the dizzying profusion of variants of this dilemma.
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Sep 19, 2024 | 
bizcommunity.com | Buyeleni Sibanyoni |Dewald van Rensburg |Brendan Seery |Mongezi Mtati
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In its 2024 annual report, Investec Bank remained steadfast in providing extremely limited information on “formal claims” from the German Federal Tax Office concerning its involvement in the “cum-ex scandal” that rocked European financial markets several years ago. AmaBhungane has reported extensively on information suggesting Investec’s complicity in massive tax fraud here, here and here.
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Sep 19, 2024 | 
amabhungane.org | Buyeleni Sibanyoni |Dewald van Rensburg
In its 2024 annual report, Investec Bank remained steadfast in providing extremely limited information on ‘formal claims’ from the German Federal Tax Office in relation to its involvement in the so-called cum-ex scandal that rocked European financial markets several years ago. AmaBhungane has in the past reported extensively on information suggesting Investec’s complicity in massive tax fraud: here, here and here.
