{"id":183027,"date":"2017-07-02T10:52:24","date_gmt":"2017-07-02T08:52:24","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=183027"},"modified":"2017-07-02T10:52:24","modified_gmt":"2017-07-02T08:52:24","slug":"vbs-the-latest-sa-bank-to-close-gupta-accounts","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/183027\/vbs-the-latest-sa-bank-to-close-gupta-accounts\/","title":{"rendered":"VBS the latest SA bank to close Gupta accounts"},"content":{"rendered":"<p>VBS Mutual Bank has declined to do business with the Gupta family, according to a report by the\u00a0<a href=\"http:\/\/www.news24.com\/SouthAfrica\/News\/another-bank-ditches-guptas-20170701\" target=\"_blank\" rel=\"noopener\"><strong>City Press<\/strong><\/a>.<\/p>\n<p>VBS \u2013 the Venda Building Society \u2013 is the fifth local bank which has refused to deal with the family.<\/p>\n<p>The report stated that VBS is the same bank which\u00a0granted President Jacob Zuma a loan of R7.8 million which he used to pay for security upgrades to his home in Nkandla.<\/p>\n<p>The City Press stated that two Gupta business accounts were closed in January by VBS, following discussions among the bank\u2019s bosses.<\/p>\n<p>A letter was then sent to Oakbay Investments, the Gupta family\u2019s local holding company, stating that VBS was ending its relationship with it \u2013 in line with its risk appetite framework.<\/p>\n<p>A source told the City Press that the Gupta family was not the bank\u2019s top client, but they \u201cwould have had a lot of transactions\u201d, which was \u201cmore work to track\u201d.<\/p>\n<p><a href=\"https:\/\/mybroadband.co.za\/news\/banking\/192414-why-absa-dumped-the-guptas.html\" target=\"_blank\" rel=\"noopener\"><strong>In March 2016<\/strong><\/a>, the big four SA banks \u2013 FNB, ABSA, Standard Bank, and Nedbank \u2013 notified Oakbay they would no longer provide banking services to it or its subsidiaries.<\/p>\n<p>Listing sponsor Sasfin Capital and auditing firm KPMG also cut ties with the company at the time.<\/p>\n<hr \/>\n<p><strong>Read:\u00a0<a title=\"Permalink to Sexwale quits Trillian as yet another Gupta state capture report is released\" href=\"https:\/\/businesstech.co.za\/news\/business\/182683\/sexwale-quits-trillian-as-yet-another-gupta-state-capture-report-is-released\/\" rel=\"bookmark\">Sexwale quits Trillian as yet another Gupta state capture report is released<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>VBS Mutual Bank has declined to do business with the Gupta family, according to a report by the\u00a0City Press.<\/p>\n","protected":false},"author":31,"featured_media":143991,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[25],"class_list":["post-183027","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-active"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/183027","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/31"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=183027"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/183027\/revisions"}],"predecessor-version":[{"id":183029,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/183027\/revisions\/183029"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/143991"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=183027"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=183027"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=183027"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}