Sunday , January 24 2021

State Seizure Inquiry: Estina’s Only Director ‘How to Create Confusion in Fundraising’

Estina Dairy Farm became a money cow for a select few.  (Conrad Borman, Network 24)

Estina Dairy Farm became a money cow for a select few. (Conrad Borman, Network 24)

  • Director of To Shadow World Inquiries Sondo Commission on the Complex Flow of Estina Dairy Farm Cash.
  • Paul Holden testified before the Commission on the second day.
  • According to Holden, Estina was accused of being used as a front even before the dairy farm project began.

Paul Holden, director of investigations at Shadow World Investigation Agency, presented evidence of the bombing at the Sondo Commission on Friday, describing the complex cryptocurrencies associated with the Estina dairy farm cash flow.

Shadow World Investigation is a global organization that investigates major corruption cases.

Testifying before the Commission’s Chairman, Deputy Chief Justice Raymond Sondo, Holden showed the Commission a diagram of a “complex circular movement of funds.”

According to Holden, public money was used to repay loans from Oakby Investments.

He said the money was immediately put into a fixed deposit account when the free state government first deposited it into Estina.

He said the money had been neglected for more than a year.

Read | Vrede Dairy Farm Case: Kamal Wasram gets Rs. 100,000 bail

He said the company began to incur some costs in 2012 when Estina had to “develop and distribute a dairy farm”.

Kamal Wasram, the company’s sole director, borrowed money from Oakbe Investments and Aerohaven’s to pay for the expenses, which were immediately paid to Estina and used for various expenses.

But these loans have been repaid with public funds from the free state government.

“None of the funds transferred from Okbe to Kamal Wasram were actually obtained from Okbe Investments. It is only an advance on free state payments.”

When asked by the Evidence Leader, Attorney Matthew Chassalsson, Holden said: “The only reason I can think of is because of some confusion, as to why the money from the Okbay loan went through Wasram and then to Estina. Searching for funds, to bridge the gap between Okbe and Estina, when an investigator looks at Estina’s standard bank account, for example, they will see a number of transfers from Kamal Wasram, Estina’s only director. .

“he [Vasram] One could argue at the time: ‘Look, I’m going to use my own funds for this business’, but if you have a bank account of Kamal Wasram, you will understand that it’s not really one of his funds, it’s Okbay’s funds.’

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The commission also heard that Ronica Raghavan, a Gupta supporter and Arohavan, a Gupta enterprise, had also paid Vasram a loan.

Holden previously told Sondo how he used the dairy farm as a front for money laundering.

Estina was identified in early 2012 as a partner with the Free State Government in a dairy farm project.

At the time, Estina and the Department of Agriculture and Rural Development planned to invest Rs. 500 million in the project.

Since then, the department has launched a Rs. 30 million project for Estina, but News24 previously reported that the money continued to flow into Estina’s treasury.

The contract was terminated in August 2014.

Holden said the total amount paid to Estina by the Free State Government was 280 million rupees and 7 million rupees in interest.

He added that the money was paid in eight separate installments between July 9, 2012 and May 5, 2016.

Holden alleged that 287 million rupees had been “washed away” three times – the amount deposited with Estina was 880 million rupees.

He revealed that Estina had been used for money laundering since before the dairy farm project began.

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