High Court dismisses Gupta-linked firm's application to fast-track decision on bank deal
The decision on Vardospan's planned acquisition of Habib Bank now rest with the new finance minister, Malusi Gigaba
Gupta-linked Vardospan says it is in for the long haul despite the High Court in Pretoria dismissing the urgency of its court bid to fast-track its acquisition of Habib Bank. Friday’s ruling meant the merits of the application had not been determined and remained alive, the company said. “The application can now be pursued in the ordinary course and not as an urgent application. “The parties to the sale of shares agreement are still at liberty to agree and extend the ‘long stop date’ of the sale of shares agreement beyond March 31 2017,” Vardospan said. However, the Reserve Bank and the finance minister were still required to take a decision in the applications for permission. The Reserve Bank and former finance minister Pravin Gordhan were respondents in the matter. Gordhan was removed as minister in a late-night Cabinet reshuffle. Former home affairs Minister Malusi Gigaba, who has replaced Gordhan, will now have to decide whether to approve the acquisition. Vardospan had approach...
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