Gold Leaf Tobacco - SARS Claims Billions From Sasfin in Money Laundering Debacle

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Gold Leaf Tobacco: SARS claims billions from Sasfin in

Rudland money laundering debacle
Illustrative image | Simon Rudland; Sasfin bank; SARS. (Photos: X | Supplied | Rawpixel | iStock | Gallo
Images / Luba Lesolle)
(https://www.dailymaverick.co.za/author/pauli-van-wyk/)
By Pauli van Wyk (https://www.dailymaverick.co.za/author/pauli-van-
wyk/) Follow (https://www.dailymaverick.co.za/sign-in)
27 Feb 2024 30
In a novel case filed at the Gauteng Division of the High Court just before
Christmas 2023, the SA Revenue Service aims to hold Sasfin Bank Limited liable
for billions in damages the taxman said it suffered due to lost taxes. The SA
Revenue Service alleges that at least R8.2-billion in untaxed funds, linked to the
vast Gold Leaf Tobacco money laundering racket, were unlawfully sneaked out of
the country over the past decade - mainly with the help of 11 Sasfin employees.
This happened amid repeated warnings over the lapse of risk and control measures
at the bank’s foreign exchange division.
Listen to this article
0:00 / 8:30 1X
T
he South African Revenue Service (https://www.sars.gov.za/) (SARS) filed
a R4.8-billion damages claim against Sasfin Bank Limited, dated 22
December 2023. In an unprecedented step, SARS argues that Sasfin must
be held liable for damages suffered by the revenue service because the bank
facilitated large-scale tax evasion between 2013 and 2023.
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The backstory here involves SARS’s initial findings in 2022 that at least five Sasfin
employees assisted an extraordinary transnational plunder network operated by
Zimbabwean tobacco boss Simon Rudland in moving at least R3-billion offshore
without paying tax.
Read more in Daily Maverick: Simon Rudland’s Gold Leaf Tobacco used
Sasfin Bank officials to launder its dirty cigarette money – here’s how
(https://www.dailymaverick.co.za/article/2022-09-12-sasfin-gold-leaf-whatsapp-
r3bn-dirty-money-washed-through/)
Sassoon at the time vehemently denied that as much as R3-billion could have
washed through the bank’s system without senior management knowing. By
October 2022, Sassoon acknowledged to Scorpio that the risk and control
measures at the bank were found wanting. According to Sassoon, the bank had
gone through stringent processes to ensure the crimes would not be repeated. Yet,
SARS documents filed just before Christmas in 2023 suggest that the money that
washed through Sasfin’s system was almost three times more than initially
thought. Worse, perhaps, is that on at least three occasions in November 2022 and
February 2023, long after Sasfin management was very much aware that the bank
was probably harbouring criminals, large sums were again unlawfully moved
offshore.
In this latest court action, SARS told the Gauteng Division of the High Court in
Pretoria that investigators found that 19 companies linked to Rudland’s business
operations used the Sasfin system over the course of a decade to unlawfully – and
mostly unnoticed – sneak R8.2-billion offshore. On the back of fictitious invoices
and incomplete documentation these funds were moved from company accounts
held at Sasfin to accounts in destinations like Dubai, Switzerland and Mauritius.
Daily Maverick wrote extensively about the initial allegations.
To hide the crimes, Sasfin employees conspired to wipe the payments off the Sasfin
system and the relevant companies’ bank statements. Cross-border money
movement Bopcus reports to the SA Reserve Bank were also deleted. Sasfin
managers seemingly remained blissfully unaware of these shenanigans until
SARS’s extensive Rudland investigation reached the Sasfin shores. On Tuesday,
Sassoon was at pains to say that independent investigations “found no evidence of
any involvement by senior management or directors” at Sasfin. These
investigations did unearth an undisclosed number of employees involved, whose
contracts were terminated. Sasfin opened criminal cases against 11 of its former
employees, six more than the initial five eyed by SARS.
In the December summons, SARS argues that Sasfin’s repeated negligence and lax
controls allowed for the abuse and loss: “Sasfin breached its legal duty by directly
or indirectly assisting the taxpayers and GLTC [Gold Leaf Tobacco Corporation] to
unlawfully export the funds abroad…”
SARS argues that “Sasfin was at all relevant stages aware, alternatively ought to
have been aware of the taxpayers and GLTC’s conduct and that the export of the
funds abroad was wrongful and unlawful”.
The summons consists of two claims. The first claim focused on 18 companies, all
clients of Sasfin’s foreign exchange division, with names such as Chair Boyz (Pty)
Ltd, Lone Eagle General Traders (Pty) Ltd and Ocean Twelve General Trading
(Pty) Ltd. The companies collectively moved R5.33-billion from their local Sasfin
accounts to unnamed offshore accounts, SARS’s summons states. Neither income
tax nor VAT payments totalling R1.96-billion for the period under investigation
were declared. SARS argues that Sasfin’s negligence caused the economic loss.
On the face of it, these companies mostly seem unrelated and some show signs of
being shell companies. The inference in SARS’s papers, for reasons not disclosed
so far, is that the companies, in various degrees, link to Rudland’s GLTC and are
alleged to form part of a vast cross-border money laundering racket involving
smuggled tobacco and gold. Some of the listed companies were mentioned in
SARS’s 2022 successful ex parte case in which the revenue service seized control of
the local assets held by Rudland and business partner Ebrahim Adamjee.
All but four of these 18 companies are in the process of closing down or had
already closed down (a deregistration process at CIPC). The local subsidiary of the
German construction equipment seller Putzmeister SA (Pty) Ltd is one of the few
legitimate companies listed in the SARS papers. According to SARS, the company
unlawfully moved R67.89-million out of South Africa in the nine months ending in
February 2019. amaBhungane revealed how former company management got
caught up in the illicit activities.
Read more in Daily Maverick: THE LAUNDRY, Part One: How shape-shifting
‘money launderers’ infiltrated SA banks
(https://www.dailymaverick.co.za/article/2022-10-25-the-laundry-part-one-how-
shape-shifting-money-launderers-infiltrated-sa-banks/)
The second claim relates to tobacco products manufacturer GLTC. Between June
2016 and May 2018, GLTC’s local Sasfin account received R2.9-billion in
undeclared funds.
SARS told the court that GLTC owed R4.46-billion in income tax and VAT by May
2023.
Investigations suggest GLTC locally does not have the available assets and
resources to settle its tax debt in full. The shortfall “at least” will be the sum of
these undeclared funds. For that reason, SARS holds Sasfin liable for another
R2.9-billion for “damages suffered”.
Read more in Daily Maverick: Sasfin Bank will ‘rigorously’ defend itself
against SARS’s R4.87bn damages claim
(https://www.dailymaverick.co.za/article/2024-02-27-sasfin-bank-will-
rigorously-defend-itself-against-sarss-r4-87bn-damages-claim/)
In total, SARS says it is owed R4.8-billion in damages for the taxes it now cannot
raise because these companies either closed down or do not hold enough local
assets to pay the damages claim.
Sassoon consulted a heavyweight legal team who are of the “unequivocal” opinion
that the SARS claim “has a very remote likelihood of success”. The team includes
professor Dale Hutchinson, professor Michael Katz, Aslam Moosajee and Advocate
Wim Trengove SC.
“On the basis of this strong legal opinion”, Sassoon said, “we concluded that the
[SARS] claim will not result in the recognition of any liability.”
Sasfin has no choice but to energetically challenge the claim: The bank’s balance
sheet will buckle under a near R5-billion loss. Sasfin’s annual financial statements
for the year ended June 2023 shows the bank holds R14-billion in assets. Its single
largest asset was its loans and advances of R9-billion. Cash and cash equivalents
was stated as R866-million. A local tax expert consulted by Scorpio confirmed
there “has never been a claim in South Africa where SARS argues a bank should be
held liable because its negligence has caused economic loss”. The tax expert said
SARS will fight an uphill battle to prove “wrongfulness”, an opinion shared by
Sassoon’s team. Scorpio’s tax expert further suggested that the courts are generally
“reluctant to expand on the doctrine of economic loss”.
Neither the SA Reserve Bank nor SARS confirmed by the time of publishing
whether criminal charges in the matter were laid with the Hawks or police. DM
(https://www.dailymaverick.co.za/article/2018-11-21-vbs-bank-heist-effs-family-
ties-and-moneyed-connections/pauli-vbs-eff-scorpio-logo-for-the-bottom-of-the-
story/)
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02- 02- 02- 02-
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gold- gold- gold- gold-
leaf- leaf- leaf- leaf-
tobacco-
tobacco-
tobacco-
tobac
sars- sars- sars- sars-
claims-claims-claims-claim
billions-
billions-
billions-
billio
from- from- from- from-
sasfin-sasfin-sasfin-sasfin
in- in- in- in-
rudland-
rudland-
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money- money- money- mone
laundering-
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laundering-
laund
debacle%2F%3Futm_so
debacle%2F%3Fu
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Gold Leaf Tobacco (https://www.dailymaverick.co.za/article_tag/gold-leaf-tobacco/)
Michael Sassoon (https://www.dailymaverick.co.za/article_tag/michael-sassoon/)
Pauli van Wyk (https://www.dailymaverick.co.za/article_tag/pauli-van-wyk/)

SA Revenue Service (https://www.dailymaverick.co.za/article_tag/sa-revenue-service/)
SARS (https://www.dailymaverick.co.za/article_tag/sars/)
Sasfin (https://www.dailymaverick.co.za/article_tag/sasfin/)
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Comments - Please login in order to comment.
Lew Lipschitz 27 February 2024 at 20:17

(https://www.dailymaverick.co.za/article/2024-02-27-gold-leaf-tobacco-sars-
claims-billions-from-sasfin-in-rudland-money-laundering-debacle/#comment-
10484951)
SARS are the worlds biggest scroungers…and deadbeats to boot. I’ve been waiting
for a R35k tax refund going on two years!! Quick to take but very slow to pay out
what is rightfull due to the taxpayer!!.
HENK CRAUCAMP 28 February 2024 at 06:47

(https://www.dailymaverick.co.za/article/2024-02-27-gold-leaf-tobacco-
sars-claims-billions-from-sasfin-in-rudland-money-laundering-
debacle/#comment-10485959)
I disagree with your statement. Out of all the public entities SARS is in
part the only entity that tries to function properly. Trust me when I say, I
don’t like SARS let alone needing to pay tax for service we don’t receive.
But the reality is if big businesses like GLTC and SASFIN don’t get
hammered for these losses to Us, then you will never see your R35k
rebate as there would be no funds to pay you. In my opinion, SASFIN will
get a rap over the knuckles and we as a nation will be out of billions. The
financial institutions are a law to themselves, they hire big named lawyers
as sated above and get away with it. Reminds me of the 2008 financial
crisis and the bail out to banks, the big losers were the man on the street.
Just another Steinhoff scam…we will never see that money again…
M D Fraser 28 February 2024 at 07:44

(https://www.dailymaverick.co.za/article/2024-02-27-gold-leaf-
tobacco-sars-claims-billions-from-sasfin-in-rudland-money-
laundering-debacle/#comment-10486098)
I confirm Henk’s comment. I have received nothing but courteous
and prompt service (including refunds) from SARS. Mainly, I
suppose, because my tax affairs are always up-to-date and in
order.
William Kelly 28 February 2024 at 08:31

(https://www.dailymaverick.co.za/article/2024-02-27-
gold-leaf-tobacco-sars-claims-billions-from-sasfin-in-
rudland-money-laundering-debacle/#comment-
10486352)
As are mine and yet two years for VAT refunds? I am
afraid SARS’ credibility is fast eroding. Interesting too
that their prosecution, or is that persecution team appears
to have a lot more money and teeth than the NPA. Begs
the question – what rands value is attached to life?
Louis Fourie 28 February 2024 at 08:11
There is a tax ombud. SARS does not delay payout unless there is a
disagreement. The biggest problem with taxation is that taxes are not
spend with the same due diligence and oversight as what is used for
collecting taxes.
Siphelo dakada 28 February 2024 at 16:00

I couldn’t have said it better; I really wish that was treason for
spending tax in a manner the lunies in power are doing.
D'Esprit Dan 28 February 2024 at 16:18

Always submitted my returns on time, been audited a couple of times,
provided the needed docs and been refunded within days of SARS being
satisfied. Very good service – that said, their VAT refunds can take
months to pay out, which for small businesses, especially those with large
foreign trade exposure as a portion of income, it can be crippling.
Ben Harper 28 February 2024 at 05:22

10485846)
Won’t go anywhere, the anc are at the top of this food chain. If in doubt, watch
“The Gold Mafia” documentary released by Al Jazeera
Robert Pegg 28 February 2024 at 07:22

10486072)
My company has had an uphill battle to claim over R1 million in VAT owed to us
for over a year on exported equipment. The people dealing with it at SARS are
clearly incompetent. We just received a quarter of the amount refunded, with no
interest. We have to resubmit all documents again after 1 March then they will
repay the remainder, without interest. If we are late with any tax or VAT
payments, we are charged interest and penalties. So much for fair treatment by
SARS.
In future we will purchase equipment from foreign suppliers to avoid this
situation.
William Kelly 28 February 2024 at 08:28
Same here. Seems SARS has two sets of rules and they could care less
about their obligations to lawful tax payers.
Andrew Wallace 28 February 2024 at 18:07

Very similar experience to yours, IE: a year of repeated uploading and
finally getting a full refund. Not so sure that i agree on the incompetence
angle, rather that there is a cashflow problem. SA Inc spends more than it
earns and so SARS has to roll the money and hence they delay refunds.
Miss Jellybean 29 February 2024 at 12:25

Be very careful importing SARS have the right to declare import VAT not
claimable on certain things. We had a refund of over R150,000.00 due to
customs VAT and our claim was rejected. After 7 months of jumping
through hoops submitting every document know to man they decided that
the customs VAT on some of our imports was not claimable. Also import
VAT is calculated at 15% + 1% so you are actually paying 16,5% VAT that
might not get refunded to you
Louis Fourie 28 February 2024 at 08:07

10486182)
Does this mean we can sue the ANC for damages due to State Capture and all the
corruption?
Gerrie Pretorius 28 February 2024 at 08:47

Yes please! SARS is the middle man (Like Sasfin) between taxpayers and
the corrupt anc government.
drew barrimore 28 February 2024 at 12:37

SARS holds the legal gun to the head and hands over the takings
full knowing their masters will misspend and steal
Tony Fisher 29 February 2024 at 13:09
Good luck in living long enough to see any judgement, even if you were to
go to court!
Geoff Coles 28 February 2024 at 08:08

10486183)
Seems odd that a Bank can be blamed for collusion among its employees.
Is it any wonder SA is grey- listed regards foreign dealings.
Bruce Gatland 28 February 2024 at 09:18

I believe the legal term for this is “vicarious litigation”.
Llew Thomas 28 February 2024 at 12:29

I believe it is “vicarious liability”……
Bonga Siyothula 28 February 2024 at 16:33

(https://www.dailymaverick.co.za/article/2024-02-27-
gold-leaf-tobacco-sars-claims-billions-from-sasfin-in-
rudland-money-laundering-debacle/#comment-
10490100)
oh that sweet Anton Fagan course called Delict….
Iam Fedup 28 February 2024 at 09:23

10487133)
In a perceptual battle between an entrepreneurial bank with a clean track record,
and the ANC-influenced, incompetent, crooked SARS, I know where I’ll place my
bet. Now that they have stolen everything, they are looking everywhere where
white businesses are involved, even as tenderpreneurs buy villas in Dubai.
NICK GREENE 28 February 2024 at 11:33

10488363)
The article is not about SARS service and whether a reader received their own
outcome.
Lawyers, and other, may have their own opinions on this matter. The best
outcome is to have the matter ventilated in a court of law, where the fiduciary
responsibilities of bankers (and others) can be discussed against their actual
performance. It is about time that directors and senior managers are held
accountable for actions within their organisations.
SARS may have gone for one bank in this matter, however, I feel (and hope) that
directors and senior managers in other banks and services firms (legal, auditing,
etc) are nervous that their complicity in State Capture, dodgy client dealings and
the continuing corruption may place them in a similar position to the folk at
Sasfin.
Mbulelo Journey 28 February 2024 at 17:25

Agree with you Nick.
Ben Harper 28 February 2024 at 12:33

10488797)
Also bear in mind the very minister that put the ban on the sale of tobacco
products during covid was in bed with the illicit tobacco traders
Chris Bean 28 February 2024 at 15:24
10489815)
Maybe I missed something, but why doesn’t SARS simply bring a civil freezing
order in Mauritius Dubai and Switzerland. Then the money stays lwhere it is until
either party can successfully prove liability to pay taxes or not.
Just because civil freezing orders are practically non existent in the RSA doesn’t
mean that they can’t be used in those 3 jurisdictions where the money is. I know
for a fact that they can.
SA law in this area is still in the 18th century and many SA lawyers have no
knowledge of how these proceedings work
Chris Bean . B.A. LL.B (Wits) LL.M University College, (London) – Not the fake
variety either.
Mbulelo Journey 28 February 2024 at 17:24

Please write to SARS, they may not be aware (I’m assuming the comment
is written in good faith).
Jane Crankshaw 28 February 2024 at 20:39

If its so easy then where are the Guptas and where is the cash stash???!!!
Just Me 28 February 2024 at 18:17

10490450)
Sassfin is guilty and should, at the least loose it’s banking license.
craig white 4 March 2024 at 11:27

10547248)
strange that when Tom Moyane then SARS commissioner authorized a criminal
VAT payout to a GUPTA company , neither SARS , MOYANE or any of the banks
that were involved in sending the Funds off – shore illegaly were prosecuted ?
wonder why ? all the GUPTA s minimum ZAR 15.5 Billion went offshore via banks
…. no prosecution , maybe its becasue ANC was their business partner ….. just
mentioning for a friend ……
Kenneth FAKUDE 8 March 2024 at 00:10

Gold leaf was the reason why TM was appointed to sars, last time I
checked a Zuma somebody was in business with the said company.
I bought machinery from china and was fined R5000 for using a code I
found on the Sars website for the machinery on the import documents.
When people are paid for services not rendered where is sars?
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Gold Leaf Tobacco - SARS Claims Billions From Sasfin in Money Laundering Debacle

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Comments - Please login in order to comment.

Lew Lipschitz 27 February 2024 at 20:17

HENK CRAUCAMP 28 February 2024 at 06:47

M D Fraser 28 February 2024 at 07:44

William Kelly 28 February 2024 at 08:31

Siphelo dakada 28 February 2024 at 16:00

D'Esprit Dan 28 February 2024 at 16:18

Ben Harper 28 February 2024 at 05:22

Robert Pegg 28 February 2024 at 07:22

Andrew Wallace 28 February 2024 at 18:07

Miss Jellybean 29 February 2024 at 12:25

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