CAPE TOWN: South Africa’s Standard Bank said on Friday it agreed with Finance Minister Pravin Gordhan that the government could not intervene when a bank closes the accounts of a client.
Gordhan last week filed an affidavit to have a court declare he could not interfere with moves by South Africa’s major banks to cut ties with businesses owned by Ajay, Atul and Rajesh Gupta, brothers who have been the subject of a state probe into allegations they have undue influence over President Jacob Zuma.
Oakbay Investments, owned by the Guptas, has said Gordhan’s affidavit is flawed and it’s lawyers would challenge it in court. “Standard Bank agrees with the Minister of Finance that the Government is not by law empowered or obliged to intervene in the relationship between a bank and its customers as regards the closing of bank accounts,” the bank said in an emailed statement.
