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Gupta Enterprise and the Capture of Transnet

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GUPTA ENTERPRISE AND THE CAPTURE OF TRANSNET SUBMISSION TO THE COMMISSION OF INQUIRY INTO ALLEGATIONS OF STATE CAPTURE Large text The mission of Shadow World Investigations is to detail and expose the illicit and/or unethical corruption of government by corporate actors and their enablers. We do so by highlighting the impact of the blurred line between business and politics on democracy, human rights, the rule of law, the environment and just and equitable development. This exposure serves to hold the powerful to account, and to create momentum for progressive change. 7 Cavendish Square, Marylebone, London W1G 0PE A submission by Shadow World Investigations to the Zondo Commission in September 2020. Editor and Researcher: Paul Holden Design: Gaelen Pinnock | www.polygram.co.za Copyright: Shadow World Investigations (2020) www.shadowworldinvestigations.org CONTENTS Executive Summary ........................................05 CNR, CSR, CRRC and ZPMC Contracts ...................................05 The First Laundromat: The Worlds Window Group .......................06 The Second Laundromat: The Hong Kong Machine ....................... 07 The Third Laundromat: Habib Bank .....................................08 Payments Made by Liebherr Cranes ....................................08 Conclusion and Recommendations ......................................10 List of Annexures ......................................................12 About Shadow World Investigations .....................................15 Introduction ...................................................16 Section 1: Sources and Admissibility ...............................17 Section 2: The Capture of Transnet and the Gupta enterprise .............................................19 2.1. Racketeering and the Gupta Family ‘Enterprise’ .......................19 2.2. Understanding the Gupta enterprise ................................19 2.3. Companies and Individuals Receiving Funds from the HSBC/Hong Kong Network ..............................................................21 2.4. The Connections between the Gupta enterprise and key Transnet contracts ............................................................22 Section 3: Known Agency and/or Bribery/Kickback Agreements in Relation to ZPMC and China South Rail ......................................................25 3.1. ZPMC Agreement with JJ Trading FZE ...............................25 3.2. Exclusive Agency Agreement between CNR (Hong Kong) and Century General Trading: 14 April 2012 .......................................... 27 1 3.3. Exclusive Agency Agreement between CNR (Hong Kong) and Century General Trading: 8 July 2013 ........................................... 27 3.4. Exclusive Agency Agreement between CNR (Hong Kong) and Tequesta Group Limited: 20 May 2014 ............................................28 3.5. Exclusive Agency Agreement between CNR Dalian Locomotive and Rolling Stock Co. Ltd and Regiments Asia Limited: 20 May 2014/25 November 2014 .................................................................29 3.6. Business Development Agreement between CSR and Regiments Asia Limited: 10th February 2015 ............................................31 3.7. Business Development Services Agreements between CNR Rolling Stock South Africa and Bex Structured Products, 8 March 2015 and 25 April 2015 .31 3.8. The CSR-Tequesta Agreement: 18 May 2015 ..........................34 3.9. The CSR-Regiments Asia Payment Agreement: 10 June 2015 ..........35 3.10. The CSR Payment Schedule .......................................36 3.11. Addendum to Agreements between CRRC, Regiments Asia and Tequesta Group: August 2016 ................................................... 37 3.12. Addendum to the Agreement between CRRC Zhuzhou Locomotive and Regiments Asia: August 2016. 39 3.13. Summary Table of Agreements and Anticipated Fund Flows ..........40 Section 4: Payments Made to the Gupta Enterprise by Liebherr Cranes .............................................43 4.1. Payments Made to the Gupta Enterprise by Liebherr Cranes ..........44 4.1.1. Source and Records from the #Guptaleaks Relating to Payments from Liebherr .............................................................44 4.1.2. Tracing the First Liebherr Payment ................................46 4.1.2. Tracing the Second Liebherr Payment .............................48 4.1.3. Tracing the Third Liebherr Payment ...............................50 4.1.4. Tracing the Fourth Liebherr Payment Tranche. 51 4.1.4. Tracing the Fifth Liebherr Payment Tranche. .54 4.2. The Relationship between Accurate Investments and Liebherr Cranes 55 Section 5: Transnet, the Gupta Enterprise and the Worlds Window Network ............................................59 5.1. The Worlds Window Network: Relevant Companies. 59 5.2. The Worlds Window Network: Key Personnel. 61 5.3. The Worlds Window Front Companies: JJ Trading FZE and Century General Trading .......................................................62 5.3.1. JJ Trading FZE ...................................................62 5.3.2. Century General Trading .........................................64 5.4. The Nature and Development of the Relationship between Worlds Window and the Gupta enterprise ......................................65 2 – SUBMISSION: GUPTA ENTERPRISE & THE CAPTURE OF TRANSNET 5.4.1. Earliest Direct Mentions of Piyoosh Goyal and Worlds Window Group 66 5.4.2. The Relationship Between the Gupta Enterprise and the Worlds Window Network: Introducing the ‘hawala ledger.’. 66 5.4.3. Investments Made by the Worlds Window Group into the Gupta Enterprise ...........................................................68 5.4.4. Prima Facie Evidence of the Involvement of Worlds Window and the Gupta Enterprise in Money Laundering Activities: The Westdawn-Everest Loan-Back Scheme .....................................................71 5.4.5. Prima Facie Evidence of the Involvement of Worlds Window and the Gupta Enterprise in Money Laundering Activities: A Potential Arctos Loan- Back Scheme? ........................................................ 76 5.4.6. Prima Facie Evidence of the Involvement of Worlds Window and the Gupta Enterprise in Money Laundering Activities: Clean Laundry in Seven Days ................................................................. 78 5.4.7. Prima Facie Evidence of the Involvement of Worlds Window and the Gupta Enterprise in Money Laundering Activities: The South African Cycle 79 5.5. The Receipt of Funds by the Worlds Window Network from ZPMC .....80 5.6. Deposits Received by the Worlds Window Network/Century General Trading from China South Rail Related to the 95 Locos Contract ...........81 5.7. Circumstantial Evidence Regarding the Payment of Funds from CSR Related to the 359 and 100 Locomotive Contracts to the Gupta Enterprise via Worlds Window .......................................................83 5.8. The Difficulty of Tracing ZPMC and CSR Funds .......................84 Section 6: The Receipt and Dissipation of Funds from China South Rail and China North Rail to Tequesta and Regiments Asia via HSBC .................................85 6.1. Tequesta Group Limited and Regiments Asia .........................86 6.2. The Hong Kong Banking Records: Payments Made by CSR, CNR, Da Lian and CRRC ............................................................ 87 6.3. Tracking Payments to Regiments Asia and Tequesta Group against Known Kickback Agreements .................................................89 6.4. The Hong Kong Banking Records: The Dissipation of Kickbacks by Tequesta Group and Regiments Asia ....................................90 6.4.1. Payments to Individuals by Regiments Asia and Tequesta Group .....90 6.4.2. Recipients of Over $1m from Tequesta Group or Regiments Asia ......91 6.4.3. Companies Paid by Regiments Asia, Tequesta Group and Morningstar International .........................................................92 6.4.4. The Use of Chinese Mainland Companies with Ties to South Africa ...93 6.4.5. The Use of Hong Kong Shell Companies to Receive Payments from Tequesta Group and Regiments Asia ....................................96 6.4.6. The Plethora of Money Laundering Red Flags and the Role of HSBC ..98 6.5. Concluding Remarks: The Hong Kong Laundromat ..................100 6.6. The Continuation of the Transnet Bribery Scheme in Dubai ...........101 Contents – 3 This submission sets out how the Gupta enterprise secured billions of Rand in illicit and unearned fees and payments through large Transnet contracts; and, most importantly, the various elaborate money laundering systems that they employed to hide their money aided by major international enablers. EXECUTIVE SUMMARY 1. Between 2010 and at least 2016, the Gupta enterprise targeted Transnet as a site through which it could steal vast sums of public money to which it had no legitimate claim and for which it performed no legitimate services. 2. The Gupta enterprise undertook this theft by acting in concert with officials within Transnet and major multinational corporations, in particular China South Rail (CSR), China North Rail (CSR), Shanghai Zhenhua Heavy Industries (ZPMC) and Liebherr Cranes. CNR, CSR, CRRC AND ZPMC CONTRACTS 3. Between the 13th of June 2011 and August 2016, ZPMC, CSR and CNR (the latter two of which merged into a new company, CRRC) entered into at least 11 contracts with front companies working in concert with the Gupta enterprise. 4. The contracts entered into by ZPMC, CSR, CNR and CRRC with Gupta enterprise fronts
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