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.<\/p>\n
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.<\/p>\n
The paper said that Standard Bank joint-CEO Sim Tshabalala did not disclose any details around the closure of the Gupta family\u2019s Oakbay accounts.<\/p>\n
Standard Bank did not provide comment on the reported meeting.<\/p>\n
Read: Absa turns down government\u2019s invitation to talk about the Guptas<\/strong><\/a><\/p>\n 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.<\/p>\n A failure to do so could result in the institution being prevented from doing business in other jurisdictions, the bank said.<\/p>\n 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.<\/p>\n 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 \u201cstate capture\u201d from senior government officials.<\/p>\n 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.<\/p>\n More SA companies turn their backs on the Guptas<\/strong><\/a><\/p>\n Guptas buy R445 million villa in Dubai: report<\/a><\/strong><\/p>\n Guptas tell ANC\u2019s top six of wider conspiracy: report<\/a><\/strong><\/p>\nMore on the Gupta family<\/h3>\n