The witness says the bank closed the accounts of Gupta-linked entities due to concerns over reputational risk.
Testifying before the commission last year, Sinton said the bank took the decision to close the bank accounts of the Guptas and entities linked to the controversial family alleged to be at the centre of state capture for a number of reasons, which include reputational risk.
Sinton said these were all red flags for the bank, which then set out to determine which Gupta-linked entities it dealt with. The bank used internal and external investigative resources to gather information to make its own assessment to determine whether or not to continue the relationship with the Guptas and their associated entities.
Sinton told the commission that Optimum coal mine, while under the ownership of Glencore before Gupta-owned Tegeta took over, had a transactional account with the bank and that Glencore had set up a trust account with the bank on behalf of the mine. Sinton says Optimum coal mine had transaction accounts with Standard bank. He says there was a trust account for Glencore.
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