Lord Peter Hain says global banks complicit in state capture

Global banks HSBC, Standard Charter, and Bank of Baroda, are complicit in state capture. That's the word from Lord Peter Hain who says they're guilty of helping the controversial Gupta family to move funds. #DStv403

JOHANNESBURG - Global banks HSBC, Standard Charter, and Bank of Baroda, are complicit in state capture.

That's the word from Lord Peter Hain who says they're guilty of helping the controversial Gupta family to move funds.

He testified at the State Capture Commission of Inquiry on Monday.

Hain says South Africa needs to do more to fight state capture and corruption.

He told the State Capture Inquiry, the country has adequate laws but their enforcement is weak.

"I recommend the proper utilisation of existing legislation. SA does have good legislation, nevertheless, we have this whole picture of rampant criminality and state capture so it needs to be properly enforced."

WATCH: Lord Peter Hain testifies at state capture inquiry

Hain also expressed concern at the slow pace of recovery of the monies stolen through State Capture.

He says law enforcement agencies in South Africa are hamstrung and constrained.

Hain suggests that other avenues can be used to recover stolen assets.

Lord Peter Hain has testified how global banks allegedly overlooked the Guptas' looting. eNCA's Erin Bates has more. #DStv403

Source
eNCA