Transnet Capture: The #ICMFiles
By Ra’eesa Pather
The #ICMFiles are a three part series by Open Secrets published in the Daily Maverick. The series is based on information seen by Open Secrets which sheds light on how one company and its directors made payments seemingly to various companies and individuals to flush Transnet money out of sight.
The details are contained in bank statements of Integrated Capital Management (ICM), whose directors — Stanley Shane, Marc Chipkin and Clive Angel — have largely evaded public scrutiny despite the role they played in the Guptas’ capture of Transnet.
ICM was the beneficiary of at least R9.3-million in public funds laundered from Transnet in November 2015. The company then made several payments between November 2015 and March 2016 to companies linked to its directors. Some of the payments directly referenced Chipkin, Shane and Angel, indicating they may have benefited from money which was illicitly funnelled out of Transnet.
Each of the directors is implicated in various State Capture scandals. Evidence submitted to the Zondo Commission shows Chipkin is linked to corruption at state diamond company Alexkor, while the statements of former Trillian employees to Parliament implicate Angel in wrongdoing at Trillian.
Our previous article in this series showed Shane’s complicity in State Capture crimes while he was both a director at Transnet and chairperson of its pension fund.
Yet, while Eric Wood has been arrested in relation to corruption at Transnet, and the National Prosecuting Authority has indicated it will seek the extradition of Essa, the ICM directors seem to have escaped the much-needed attention of law enforcement agencies.
Read the #ICM Files
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