Standard Bank agrees to re-open Gupta business accounts: report
Standard Bank has agreed to open accounts for all eight of the Gupta family’s companies – ending what has effectively been a two-year boycott of the family.
According to a report by the City Press, Standard Bank will immediately take over the companies’ deposits from the Bank of Baroda as well as business rescue proceedings.
This is said to include the rehabilitation funds for the Optimum and Koornfontein coal mines, representing R1.5 billion in cash.
While a spokesperson could not confirm whether Standard Bank had taken over the accounts due to client confidentiality reasons, one of the business rescue practitioners confirmed that Standard Bank held a board meeting where the issue was discussed on Friday. The bank informed the business rescue practitioners on Sunday.
According to the practitioner, another local investment bank had also been willing to take on the business now that the Guptas were no longer in control of the businesses, he told City Press.
Guptas
The Gupta family may never appear on South African soil again, following reports that arrest warrants have been issued for both Atul and Tony Gupta, in relation to the Vrede dairy project in the Free State.
According to a report by the Sunday Times, Atul and Tony Gupta were out of the country when the warrants were issued – likely in India or Dubai.
Ajay Gupta has also been declared a fugitive from justice. This comes after he failed to hand himself over to police, despite his lawyers telling the Hawks he will do so.
Ajay’s arrest warrant is not in connection with the Vrede dairy farm project, but another corruption case – reportedly attempted bribery of former deputy finance minister Mcebisi Jonas.
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