Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

South Africa's Gupta family asks court to force release of details over closure of accounts

Published 29/11/2016, 05:08
South Africa's Gupta family asks court to force release of details over closure of accounts

JOHANNESBURG (Reuters) - South Africa's wealthy Gupta family, accused in a government corruption probe of allegedly holding undue influence over President Jacob Zuma, said on Tuesday it had asked a court to force a financial regulator to give the family details concerning the closure of its business accounts.

The country's four major banks, Barclay's , Standard Bank , FNB and Nedbank early in 2016 terminated the accounts of several companies, spanning mining to media operations, controlled by the family under the Johannesburg exchange listed Oakbay Resources.

The banks refused to make public their reasons for closing the accounts. Analysts have said the banks were likely prompted by concerns about reputational risk.

The Guptas have denied accusations that they have used their friendship with Zuma to advance their interests as well accusations of money laundering and fraud.

In the affidavit the family requested the High Court to force the Financial Intelligence Centre (FIC) to provide details of transactions totalling 6.8 billion rand ($493 million) flagged as suspicious by the regulator in a report to Finance Minister Pravin Gordhan.

An anti-graft probe published this month by the Public Protector focused on claims that the brothers, Ajay, Atul and Rajesh Gupta influenced the appointment of ministers.

It also called for an investigation into whether Zuma, some of his cabinet members and some state companies had acted improperly, triggering renewed calls for the president's resignation.

President Zuma, who on Monday was facing a motion to remove him by members of his party, the ANC, has said that the Guptas are his friends but denied doing anything improper.

($1 = 13.7952 rand)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.