Fin24.com | Guptas list why Gordhan’s application is fundamentally flawed

Fin24.com | Guptas list why Gordhan's application is fundamentally flawed
Cape Town – The Guptas said Finance Minister Pravin Gordhan’s court application is fundamentally flawed and will assist them in clearing their name, their lawyer said in a statement on Tuesday.“We are delighted to have received this application,” the Guptas’ lawyer Van Der Merwe Associates said on behalf of Ajay Gupta and Oakbay Investments in response to the affidavit from Pravin Gordhan.However, they said the application “is undiluted nonsense and appears to be little more than the usual political games”. They said the application’s detail is “fundamentally flawed as of the 72 transactions flagged”.READ: Gordhan creating chance to get bank reasons – Gupta lawyer“The truth always comes out in the end and we look forward to clearing our name in court,” it said.“At last, the Gupta Family and Oakbay can begin to formally clear their names. They thank him for this opportunity,” said Van Der Merwe Associates.”None of the transactions related to Oakbay or the family, which are over a five year period, were flagged to the FIC as suspicious. To put this in context, the FIC’s own 2015-16 Annual Report showed that 98 054 transactions in that year alone were flagged as suspicious by the banks.” Their initial analysis shows:- “Six transactions refers to the Optimum mine before it was under Oakbay’s control and so was not transacted by Oakbay or the family- “24 transactions are perfectly legitimate, are in the normal course of business and are not suspicious in any way- “Five transactions relate to Oakbay Resources and Energy, the listed entity. These are perfectly legitimate and all information is being supplied to its auditor, SizweNtsalubaGobodo, for review- “Another 20 vaguely refer to ‘multiple transactions’ that makes any further analysis impossible without further detail from the Finance Minister- “The remaining 17 transactions were also all for legitimate purposes and are absolutely not suspicious.”“We will disclose these transactions in full, once the full analysis has been completed,” the lawyers said.“All of the 72 transactions were approved and cleared by the respective banks processing the transactions.“The fact that all transactions were approved is acknowledged in the attachment to Minister Gordhan’s application‎, in the form of a signed letter from the Deputy Governor of the Reserve Bank.“One of the largest transactions flagged in Minister Gordhan’s application was the transfer of the Optimum Rehabilitation Trust’s Account from Standard Bank to the Bank of Baroda.“Yesterday, we proved this was bona fide and approved by all relevant authorities. The transfer occurred because all of…

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