The Gupta-owned Oakbay Investments has reiterated that it is not involved in any form of alleged state-capture, saying that the decision by FNB and Absa to close its accounts was politically motivated.
On Wednesday, FNB confirmed that it would be closing all accounts associated with the Gupta company, though it provided no reasons for doing so, saying it was a confidential matter.
The move follows three other financial institutions in South Africa dropping the family, with auditors KMPG announcing a move away from the family last week, followed by Sasfin and Absa.
According to the family, Absa had given notice in December 2015 that it would be closing the company’s accounts, but kept the matter confidential for three months.
“We question the timing of Absa making this public,” the group said in a statement.
“These latest incidents are clear proof that the recent allegations against the company and the wider Gupta family are all part of a carefully orchestrated political campaign, which, tragically, involves some of the country’s most senior institutions and individuals,” said Oakbay.
“It is very disappointing that FNB (and Absa) have allowed themselves to be dragged into the political in-fighting by the campaign’s orchestrators,” it said in an emailed statement to CNBC Africa.
Links to Zuma
Speaking to Talk Radio 702, Oakbay director Nazeem Howa restated that the family has no “influential ties” to government, and that all its business has been handles above-board.
The director said there has been no evidence showing that the Gupta family had unduly benefited from any relationship with government, and that they were willing to face the consequences if any evidence did turn up.
“We operate on the basis of arms-length transaction and transparent transactions. We will not break any law or regulation. For that reason we can say: put up or shut up,” Howa said.
The Gupta family has been in the spotlight for many years due to their close relationship with President Jacob Zuma through his son Duduzane, who is linked to many Gupta businesses.
The family has faced extreme scrutiny amid allegations from current and former senior government officials that they were directly approached by the family with promises of political support if they, in turn, did what the family requested of them.