'We see shadows against the wall and we’re trying to work out what causes them'

There has been no announcement from the company of any major transaction or development that would explain why it would suddenly have close to R1-billion move through its accounts.

Stuart Theobald, Intellidex

We see shadows against the wall and we’re trying to work out what causes those shadows.

Stuart Theobald, Intellidex

Oakbay has cash flows in the tens of millions per year. Then suddenly there are transactions of over a billion rand in two months.

Stuart Theobald, Intellidex

The Gupta family’s Oakbay Resources is under investigation for five transactions totalling just under R1 billion after being highlighted as suspicious by banks.

The R1 billion forms part of the R6.8 billion in Gupta transactions referred to the Financial Intelligence Centre.

The notice by the banks was in terms of the Financial Intelligence Centre Act which is used to combat tax fraud and money laundering.

The Money Show’s Bruce Whitfield interviewed Intellidex Chairperson Stuart Theobald.

Listen to the audio below in which Theobald shares his take on all this.

Click here (then“like” the page) to follow Bruce on Facebook.

Enter your email address in the form below to receive a newsletter containing the most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.

Subscribe to our Business Wrap Newsletter

Article brought to us by Old Mutual.


This article first appeared on 702 : 'We see shadows against the wall and we’re trying to work out what causes them'


Recommended

by THE NEWSROOM
Read More
‘It’s difficult to imagine they are South Africans!’ - Russell Loubser

‘It’s difficult to imagine they are South Africans!’ - Russell Loubser

The former JSE CEO took out an ad in Business Day with 15 other business leaders to defend Minister Pravin Gordhan.

SA economy on verge of disaster - Presidential economic advisor Prof Alan Hirsch

SA economy on verge of disaster - Presidential economic advisor Prof Alan Hirsch

“It will be a train smash… unless the malicious prosecution is halted,” says Hirsch.

Rumour has it someone took a big currency position before the NPA charged Pravin

Rumour has it someone took a big currency position before the NPA charged Pravin

Did someone take a big position against the rand before the NPA announced its charges against Finance Minister Pravin Gordhan?

5 reasons why you should care about the NPA’s charges against Pravin Gordhan

5 reasons why you should care about the NPA’s charges against Pravin Gordhan

The Money Show’s Bruce Whitfield interviews Financial Mail Deputy Editor Sikonathi Mantshantsha.

Gupta lawyer Gert van der Merwe explains his position on state capture report

Gupta lawyer Gert van der Merwe explains his position on state capture report

"Issue the report at your own risk…” - Ajay Gupta threatens Pulic Protector Thuli Madonsela through his lawyers.

Here’s what’ll likely happen to your money if Pravin Gordhan is arrested

Here’s what’ll likely happen to your money if Pravin Gordhan is arrested

The Money Show’s Bruce Whitfield interviews Investment Solutions Chief Economist Lesiba Mothata.

Popular articles
Convicted murderers of Winnie Rust went on a shopping spree using her bank cards

Convicted murderers of Winnie Rust went on a shopping spree using her bank cards

EWN reporter Shamiela Fisher says 77-year-old Rust took care of one of the accused and supported him and his family financially.

Journos join the dots: Estina suspects, 'Zupta empire' and state capture in SA

Journos join the dots: Estina suspects, 'Zupta empire' and state capture in SA

Senior investigative journos unravel the Estina Dairy Farm scandal and how the suspects fit into the bigger state capture project.

Ramaphosa gets Presidency off on the right foot

Ramaphosa gets Presidency off on the right foot

The President met with the people of Cape Town while on a 5 kilometre morning walk from Gugulethu to Athlone.

Political Desk: Shivambu and Malema have become excellent narrators- Haffajee

Political Desk: Shivambu and Malema have become excellent narrators- Haffajee

Huffington Post editor in chief shares her view on the SONA debate with Bongani Bingwa.