If the preservation order is granted, it will be the most valuable Gupta asset in the hands of the state since the state capture scandal broke.
The R1.3bn makes Templar OCM’s largest creditor, and the company is in the process, together with OCM’s business rescue practitioners, of converting debt to equity in a plan that will see a “new OCM” rise from the ashes.
“The purpose of the preservation order sought is to ensure the property is preserved pending the outcome of an application for a forfeiture order in terms of section 48 of the POCA . In terms of section 40 of the POCA, such an application must be brought within 90 days of the publication of the preservation order in the government gazette,” Cronje said in the court papers.in 2016 for R2.
Cronje said the NPA’s chief financial investigator Sibusiso Tshikovhi uncovered that CVL’s activities were funded by a Gupta family company, Griffin Line3 Trading, based in Dubai, including coal prepayments made to OCM by CVL. Tshikovhi also showed the payments were not legitimate but rather “money laundering transactions by which the Gupta family laundered proceeds of crimes committed against SA organs of state and used these proceeds to prop up the finances of Gupta family entities within SA”, said Cronje.
“In relation to the cession of the CVL claims to Templar, which was a contravention of the money laundering offence created by section 6 of POCA because McGowan, who represented both parties to the cession, was aware that the Griffin Line funding underlying the CVL claims was the proceeds of crime.”
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