Gupta-linked Vardospan loses urgent bid to purchase Habib Bank
The Pretoria High Court has struck down an urgent court application by Gupta-linked company Vardospan relating to its purchase of the Habib Overseas Bank, on the grounds that it lacked urgency.
Vardospan had approached the High Court earlier this week to force the Reserve Bank to make a decision on whether the group were authorised to make the purchase.
It stated that it required a judgement on the authorisation to be handed down by close of business on Friday, as this was the deadline set to conclude the deal with the seller.
However on a finding of the facts, the High Court found that the company had left it until the last moment to approach the court and, despite claims to the contrary, it could still negotiate a further deadline extension with the seller.
Vardospan, headed by Hamza Farooqui and Salim Essa, are understood to be associates of the controversial Gupta family.
“The matter could not have been finalised today… Waiting for the eleventh hour to bring the application, the applicants brought their own demise,” said Judge Ronel Tolmay.
The application was dismissed with costs, News24 reported.
Read: Court shoots down Zuma’s bid to join Gupta vs Gordhan battle
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