Standard Bank has agreed to open accounts for all eight of the Gupta family\u2019s companies – ending what has effectively been a two-year boycott of the family.<\/p>\n
According to a report by the City Press<\/a><\/strong>, Standard Bank will immediately take over the companies\u2019 deposits from the Bank of Baroda as well as business rescue proceedings.<\/p>\n This is said to include\u00a0the\u00a0rehabilitation funds for the Optimum and Koornfontein coal mines, representing R1.5 billion in cash.<\/p>\n 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\u00a0Standard Bank held a board meeting where the issue was discussed on Friday. The bank informed the business rescue practitioners on Sunday.<\/p>\n 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.<\/p>\n Guptas<\/strong><\/p>\n The Gupta family may never appear on South African soil again, following reports that\u00a0arrest warrants have been issued for both Atul and Tony Gupta, in relation to the Vrede dairy project in the Free State.<\/p>\n