POLITICS LIVE: Great. Now Zuma has alienated China
'Much to the horror of VR Laser, the Bank of China applied the same corporate principles as the South African banks, asking where the money had come from'
There is always a danger that too much can be read into a simple corporate action. Having said that, the decision by the Bank of China to close the bank account of the Gupta-linked VR Laser has to be unpacked. After Nedbank and Standard Bank had closed its accounts, VR Laser had a bright idea. It turned to the Bank of China in the belief that a BRICS bank without the ties to ‘white monopoly capital’ would be more than happy to help out a friend in need. But, much to the horror of VR Laser, the Bank of China applied the same corporate principles as the South African banks, asking where the money had come from. When the response was unsatisfactory, it closed the account. VR Laser CEO Pieter van der Merwe said a business development official at the bank had told him that "they were very sorry" about closing his account but the "instruction" had come from "someone higher up in the bank", according to the great Business Day story published today. So, let’s unpack this decision. It is im...
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