27/11/2017 04:49 GMT | Updated 27/11/2017 04:49 GMT

KPMG Allegedly Approved Three More Dodgy Gupta Deals

Three more instances of apparent money laundering involving the Guptas have been discovered, while KPMG was auditing the firms involved.

Siphiwe Sibeko / Reuters

Auditing firm KPMG gave three more dodgy Gupta deals the okay, in which foreign companies were paid millions for shares in dormant local companies, raising fears of money-laundering, amaBhungane and Scorpio reported on Monday.

The information is reportedly contained in the #GuptaLeaks emails and other documents.

At least two of these dodgy transactions was reportedly used as a cover to bring so-called "dirty money" back to South Africa. Most of the money was allegedly from kickbacks from Transnet deals and provincial government funds.

Oakbay Investments received the money, which was about half a million rand. KPMG reportedly audited Oakbay's accounts, and the deals were detailed in the company's financials.

In one of the deals, a 25-year-old Indian scrap metal and logistics group called Worlds Window reportedly paid Oakbay $4.3-million (R60.5-million) in 2010. The same entry was entered into Oakbay's financials every year since 2011 to 2014.

Worlds Window was apparently buying minority stakes in two dormant Oakbay subsidiaries which had access to coal prospecting rights in KwaZulu-Natal. As amaBhungane and Scorpio phrased it, Worlds Window paid millions for minority stakes in dormant shells which had access to pieces of paper which might be profitable for coal in the future.

And then the Guptas withdrew their application for the coal prospecting rights. This was left out of their financials.

A senior official at Worlds Window told amaBhungane and Scorpio that Worlds Window intended to sue the Guptas, as it appeared as if the Guptas had issued shares to the company and shown it as an advance in their financials.

For this and another two examples, where the auditors appeared to have given Oakbay the all clear when there were indications of money laundering, KMPG reportedly said it did not facilitate corruption and said it would comply with all its reporting obligations.

KPMG also audited a Gupta company which received Free State provincial government funds which were allegedly diverted to pay for the family's lavish wedding in 2013. KPMG also allegedly helped the Guptas to establish companies in Dubai to help them avoid taxes in SA.

The auditors were also responsible for a report into the so-called Sars "rogue unit". When the unit turned out to be bogus, KPMG retracted the findings of its report and apologised.