The Guptas are under scrutiny for their close ties to South African President Jacob Zuma. Dino Lloyd / Gallo Images / Getty Images
The Guptas are under scrutiny for their close ties to South African President Jacob Zuma. Dino Lloyd / Gallo Images / Getty Images

UK lawmaker calls for probe of British bank's alleged links to Gupta scandal



British lawmaker Peter Hain said on Wednesday he has asked finance minister Philip Hammond to refer an unidentified UK bank to regulators for an investigation into possible involvement in alleged money laundering involving South Africa's Gupta family.

Hain hand delivered documents to Hammond on Tuesday that he said showed participation of an unidentified British bank in illegal transfers of funds from South Africa made by the Gupta family over the last few years.

The Guptas, a family of Indian-born businessmen in South Africa, are under scrutiny for their close ties to South African President Jacob Zuma and have been accused of unduly influencing the awarding of state tenders. The family has denied any wrongdoing and no charges have been filed.

"(I) named the British bank concerned and asked that he (Hammond) again refer these to the Serious Fraud Office, the National Crimes Agency, and the Financial Conduct Authority for investigation", Hain said in the House of Lords, according to a video on the British parliament's website.

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The unidentified bank is HSBC Holdings, the Financial Times reported, citing one person who has seen a letter Hain separately sent to the Treasury and the Financial Conduct Authority (FCA).

HSBC spokeswoman Gillian James did not have an immediate comment and referred to chief executive Stuart Gulliver's remark on a post-earnings call on Monday.

"On the enquiries as a result of Lord Hain's letter to the chancellor, obviously we are responding to those enquiries that have come in from the FCA and also from South African authorities, and there is nothing more I can really add at this point in time," Gulliver said.

The FCA could not be reached for comment outside regular business hours.

This is not the first time Hain, a Labour politician, has asked for a scrutiny of British lenders' ties with the Guptas.

Hain asked the finance ministry in October to look into HSBC and Standard Chartered PLC's possible ties to the Gupta family and Zuma, and the FCA said it was in contact with those lenders.

The politician also wrote to Hammond in September requesting a probe of British banks' involvement in money-laundering in South Africa.

 

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What is the Supreme Petroleum Council?

The Abu Dhabi Supreme Petroleum Council was established in 1988 and is the highest governing body in Abu Dhabi’s oil and gas industry. The council formulates, oversees and executes the emirate’s petroleum-related policies. It also approves the allocation of capital spending across state-owned Adnoc’s upstream, downstream and midstream operations and functions as the company’s board of directors. The SPC’s mandate is also required for auctioning oil and gas concessions in Abu Dhabi and for awarding blocks to international oil companies. The council is chaired by Sheikh Khalifa, the President and Ruler of Abu Dhabi while Sheikh Mohamed bin Zayed, Abu Dhabi’s Crown Prince and Deputy Supreme Commander of the Armed Forces, is the vice chairman.

What is Reform?

Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.

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Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.

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Daniella Weiss and Nachala
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Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

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Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

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The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

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Stars: Colin Farrell, Hugh Grant 

Three out of five stars

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

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