Reserve Bank investigating Gupta-associated VR Laser over forex control
VR Laser, an Oakbay-associated company, has entered into a joint venture to create Denel Asia, but Treasury has not given permission for it to trade
The Reserve Bank was conducting an inquiry into an alleged contravention of foreign exchange control regulations by Gupta-associated company VR Laser, an official at the bank confirmed on Wednesday. Andre Malherbe, a manager in the Reserve Bank’s financial surveillance department, said in reply to a question by DA finance spokesman David Maynier that the inquiry was not yet finalised. Correspondence had been taking place between the bank and VR Laser’s lawyers, Malherbe said, adding that when the investigation was finalised a decision would be taken on the merits of the case on how to take the matter further. The question arose during an engagement among three parliamentary committees — finance; trade and industry; and mineral resources — with state departments and agencies on what was being done to curb illicit financial flows, base erosion and profit shifting. VR Laser was one of the Gupta-owned and associated companies that had its bank accounts closed by major banks, including S...
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