Investec has long held a position of great distinction within the South African banking fraternity. It’s had a squeaky-clean image for the most part and is often touted as a leader in the field when it comes to matters like sustainability, funding conservation efforts and environmental, social, and governance practices.
So, it may have come as a shock yesterday when amaBhungane journalist Dawid van Rensburg broke the news that the bank, which largely caters to the more affluent among us, is involved in the world’s largest tax fraud scandal.
The banks’ involvement in the CumEx-Files saw its share price slightly down yesterday before rebounding while today it remains 0,36% down (at the time of writing).
You might well be asking the question what exactly did Investec do? “What did the president know and when did he know it” and all that type of stuff.
So below are Van Rensburg’s first two articles on the saga. Read them carefully and then read them again to understand what Investec did, how they did it and to fully comprehend the scale of it all.
The CumEx Files (Part One): Investec implicated in investigations into the world’s largest tax fraud – Daily Maverick
The CumEx Files (Part Two): How Investec was a player in the world’s largest tax fraud – Daily Maverick
Here’s what else you need to know today:
Richard Anthony Chemaly | Elections 2021: Is it okay if I just sit this one out? – The Citizen (Subscribe to read)
Adriaan Basson | No Mr Zuma, your own lawyer ‘leaked’ your medical letter to the public – News24 (Subscribe to read)
Jan Gerber | Service delivery failures: Why it happens and what you should do about it – News24 (Subscribe to read)
Mercedes D’Alessandro & Maria S Floro | Covid-19 reveals cracks in the ‘care economy’ – Mail & Guardian
Makhundu Sefara | Would making Zondo CJ come across as a reward for handling JZ? – Sunday Times Daily (Register to read)
Shirley de Villiers | ANC keeps digging its own grave – Financial Mail
