Peter Hain also demanded an investigation into global bank HSBC for its potential complicity in money laundering by the network linked to South Africa's President Jacob Zuma. RODGER BOSCH/AFP
Peter Hain also demanded an investigation into global bank HSBC for its potential complicity in money laundering by the network linked to South Africa's President Jacob Zuma. RODGER BOSCH/AFP

UK lawmaker calls for probe of accounts linked to South African President Zuma



A prominent British lawmaker has called on financial investigators in four countries to investigate accounts linked to South African president Jacob Zuma and his business associates because of their alleged role in laundering millions of pounds of corrupt state funds.

Peter Hain – a veteran anti-apartheid campaigner and former government minister – told the UK’s parliament that he had obtained banking records showing how the powerful Indian Gupta family had used accounts in the UAE to launder money earmarked for state-funded projects.

Mr Hain also demanded an investigation into global bank HSBC for its potential complicity in money laundering by the network linked to Mr Zuma and the three Indian-born brothers from the Gupta family, according to media reports.

The bank, headquartered in to UK, allegedly ignored warnings of suspicious transactions linked to the Guptas, who are accused by campaigners in South Africa of exploiting their close links with the president to further their business interests. Zuma’s son has been a director at Gupta companies. The Guptas and the Zumas have always denied any wrongdoing and no-one has been charged in South Africa with any criminal offence.

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Mr Hain has passed the documents to the UK’s finance minister Philip Hammond and the US ambassador in London and said they showed illegal transfers of funds from South Africa by the Gupta family over the past few years. He called on financial investigators from both the US and the UK to investigate.

“I’m also asking the [UK] government to press the financial authorities in Hong Kong and Dubai to cut all links with the Guptas and Zumas,” he said.

Mr Hain did not name HSBC during comments in the British parliament's upper house but it was identified as the UK-headquartered bank by the Financial Times and the BBC on Thursday, citing the documents passed to Mr Hammond. Mr Hain did not respond to a request for comment.

Mr Hain told parliament that some of the illicit transactions were flagged as suspicious internally at the “bank concerned” but added that he had been “reliably informed that they were told by the UK headquarters to ignore it”.

The government has previously confirmed an investigation had been launched following claims by Mr Hain that banks including HSBC and Standard Chartered, may have acted as conduits for laundered cash.

The allegations are the latest damaging claim faced by HSBC about poor anti-money laundering controls which has prompted an overhaul of its financial crime department.

In 2012, it paid a record £1.2 billion (Dh5.85bn) settlement to the US authorities after it was found to have been a conduit for Mexican drug gangs to launder money. In 2008, a whistleblower leaked bank details which showed how its Swiss banking arm had helped wealthy people to evade taxes and turned a blind eye to illegal activities.

During his 25-minute speech in parliament on Wednesday, Mr Hain cited the case of a public-private project to set up a dairy farm to benefit 80 impoverished people and their families in the Free State province of South Africa.

He claimed that the majority of £6 million aimed at the project was instead transferred to a Gupta company in the UAE, registered in Ras Al Khaimah, which had an account with the London-headquartered bank Standard Chartered.

Using shell companies and other banks, the money was returned to South Africa where some of the money was used to pay for a lavish four-day wedding which included some £1,000 spent on chocolate truffles and £20,000 for fireworks, according to Mr Hain.

Mr Hain told parliament that there were “disturbing questions around both the complicity, witting or unwitting” and the “wilful blindness” of UK global institutions about transactions linked to the corruption saga.

HSBC’s chief executive, Stuart Gulliver, said on Monday that the bank was responding to inquiries from the UK’s financial regulator and the South African authorities following Mr Hain’s complaints.

The UK regulator, the Financial Conduct Authority, said on Thursday that it was “already in contact with both banks named and will consider carefully further responses received”.

The fallout from the South African scandal has already brought down public relations firm Bell Pottinger – which ran a secret campaign for the Guptas – and executives from the South African arm of KPMG, which audited Gupta companies.

Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.

Director: Shady Ali
Cast: Boumi Fouad , Mohamed Tharout and Hisham Ismael
Rating: 3/5

Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

Keep it fun and engaging

Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.

“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.

His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.

He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.

COMPANY%20PROFILE%20
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Game Changer

Director: Shankar 

Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram

Rating: 2/5

Schedule for Asia Cup

Sept 15: Bangladesh v Sri Lanka (Dubai)

Sept 16: Pakistan v Qualifier (Dubai)

Sept 17: Sri Lanka v Afghanistan (Abu Dhabi)

Sept 18: India v Qualifier (Dubai)

Sept 19: India v Pakistan (Dubai)

Sept 20: Bangladesh v Afghanistan (Abu Dhabi) Super Four

Sept 21: Group A Winner v Group B Runner-up (Dubai) 

Sept 21: Group B Winner v Group A Runner-up (Abu Dhabi)

Sept 23: Group A Winner v Group A Runner-up (Dubai)

Sept 23: Group B Winner v Group B Runner-up (Abu Dhabi)

Sept 25: Group A Winner v Group B Winner (Dubai)

Sept 26: Group A Runner-up v Group B Runner-up (Abu Dhabi)

Sept 28: Final (Dubai)

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
'HIJRAH%3A%20IN%20THE%20FOOTSTEPS%20OF%20THE%20PROPHET'
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