CAPE TOWN - Lord Peter Hain, a British Parliamentarian said on Friday that South African HSBC staff members had tried to warn their UK counterparts about the illegal transactions between the South China Rail and Transnet locomotive deal, but were essentially ignored.
According to the Daily Maverick, Hain said in a letter to the UK’s Financial Conduct Authority (FCA) that HSBC may have been guilty of not acting on warnings of possible theft and money laundering activity.
In early November Hain told the UK House of Lords that there was a criminal network between banks in the United Arab Emirates and Hong Kong and a number of Gupta-linked companies.
Hain said that over R750 million of illicit funds may have been moved by HSBC. Hain told a television interview that he was asked by high-ranking ANC members to flag suspected criminal activity with the bank.
"We've started to uncover bits of it with HSBC making this admission, it's good that they have made it, they need to do more and the other banks need to as well," he said.