Ministers meet with Standard Bank over Guptas

Mines Minister Mosebenzi Zwane, and Labour Minister Mildred Oliphant, met with Standard Bank seeking explanation of why it closed its doors to business owned by the controversial Gupta family.

This is according to Business Day, which noted that the third minister tasked by cabinet to meet the country’s four largest banks, Pravin Gordhan, did not attend.

The paper said that Standard Bank joint-CEO Sim Tshabalala did not disclose any details around the closure of the Gupta family’s Oakbay accounts.

Standard Bank did not provide comment on the reported meeting.

Read: Absa turns down government’s invitation to talk about the Guptas

Business Day said that the meeting took place two weeks ago and involved explanation from the bank on the regulatory requirements to report suspicious transactions.

A failure to do so could result in the institution being prevented from doing business in other jurisdictions, the bank said.

Absa, last week, turned down an invitation to meet Zwane to talk about the closure of bank accounts of business under control of the Gupta family.

Standard Bank, FNB, Absa and Nedbank, as well as accounting firm KPMG and sponsor Sasfin Capital, ended their business relations with the Gupta-owned firm, following damning claims of “state capture” from senior government officials.

The Gupta family and their associated businesses in South Africa have become pariahs in the local market, following accusations from senior political officials that the family was involved with high-level political manipulation.

More on the Gupta family

More SA companies turn their backs on the Guptas

Guptas buy R445 million villa in Dubai: report

Guptas tell ANC’s top six of wider conspiracy: report

Guptas ‘backed’ ANC Youth League leader’s bond for R5.4m home: report

Banks’ decision on Gupta company could deter investors – Cabinet

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Ministers meet with Standard Bank over Guptas