Ricochet News

Ministers to intervene in Gupta-banks saga

By Charl Bosch - Apr 21, 2016
Ministers to intervene in Gupta-banks saga

Minister for Planning, Monitoring and Evaluation, Jeff Radebe, has reportedly confirmed that three cabinet ministers would meet with the country’s four biggest banks to determine their reasons for shutting down the accounts of Gupta owned Oakbay Investments.

According to reports, Radebe made the announcement at a media briefing in Cape Town on Thursday where he was giving feedback on a meeting held last week.

“Whilst Cabinet appreciates the terms and conditions of the banks, the acts may deter future potential investors who may want to do business in South Africa,” he said.

“Cabinet has endorsed that the ministers of Finance [Pravin Gordhan], Labour [Mildred Oliphant] and Mineral Resources [Mosebenzi Zwane] should open a constructive engagement with the banks to find a lasting solution to this matter”.

Radebe’s comments come after Oakbay employees made an impassioned plea to the CEO’s of ABSA, Nedbank, First National Bank and Standard Bank on Wednesday, to restore the company’s accounts and their livelihoods, following its closing admits reports of the family’s involvement in the appointing of cabinet ministers.

Earlier this month, Oakbay confirmed that brothers Ajay and Atul Gupta, as well as President Jacob Zuma’s son Duduzane, had resigned from the firm, which acts as a holding company for the family’s business interest including Sahara Computers, ANN7, The New Age, JIM Mining, Shiva Uranium, Tegeta Resources and Clifftop Lodge in Limpopo.

“We are not rich people. We are not politically connected. We have not captured the state. We have never offered any politician a job. We do not know if any of the allegations against the Gupta family or Oakbay’s management are true. We do not care,” representatives for the employees said.

“All we care about is providing for our families. If you do not open Oakbay’s bank accounts we cannot be paid and Oakbay cannot pay its bills. If by the end of May the accounts remain closed, Oakbay’s businesses will close. We do not understand why we have become the victims in a political game. We, the employees, have not done anything wrong”.


IMAGE sourced from techcentral.co.za