Oakbay ‘not aware’ of intentions by Bank of Baroda to close accounts
The Guptas’ Oakbay Resources says it is not aware of any communications from the Bank of Baroda in India that it intends to close the company’s accounts
Oakbay Resources, which is controlled by the Gupta family, says it is not aware of any communications from the Bank of Baroda that it intends to close the company’s bank accounts. Business Day reported on Thursday that the Bank of Baroda is set to close the Gupta family’s bank accounts by the end of March, following pressure from its parent company in India. Between February and September 2016, First National Bank, Absa, Standard Bank and Nedbank closed the bank accounts of the Gupta family and its companies. The Bank of China followed suit. The family is viewed as "politically exposed". Finance Minister Pravin Gordhan revealed in court papers filed in October 2016 that R7bn in "suspicious and unusual" transactions involving members of the Gupta family and their companies had been reported to the Financial Intelligence Centre. Business Day said it understood that the Bank of Baroda was contractually obligated by its parent company to close the family’s accounts by the end of March. ...
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