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R530m from doomed UIF investment flowed to shareholders' offshore accounts
First, through crafty accounting and legal manoeuvring, R630m of the UIF’s R1.37bn investment was channelled from South Africa to Bounty Brands’ holding company in the United Kingdom.
Next, the UK holding company paid dividends to its shareholders totalling an eye-watering R530m.
Read the original article on Daily Maverick.
Source: Daily Maverick
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