Days before R1.26-billion in frozen funds was due to be released to Gupta-linked Chinese rail group CRRC, the Pretoria High Court on Tuesday handed down an order that the monies remain frozen until the company provides a bank guarantee for the same amount to the South African Revenue Service .
The Reserve Bank later blocked additional amounts, which currently stand at a total of R4.2-billion, but the initial tranche of R1.26-billion was due to be released this coming Saturday, 12 December under a rule that funds must be unfrozen after 36 months. AmaBhungane understands that SARS asked for this amount to be ringfenced based on a preliminary assessment of the company’s tax bill. Although the 36-month period for freezing the remainder of the R4.2-billion frozen by the Reserve Bank is not due to expire any time soon, the bank could decide to unfreeze the money before that time.
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