Court freezes rehabilitation funds of Gupta-linked Optimum and Koornfontein coal mines
The High Court in Pretoria has granted an urgent interim interdict freezing the Gupta-owned Optimum and Koornfontein coal mines’ rehabilitation fund accounts, worth R1.75bn, which sit with the Bank of Baroda. The Organisation Undoing Tax Abuse (Outa) last week approached the court after Gupta-owned companies failed to stop the Bank of Baroda from closing their bank accounts at the end of September. The Gupta companies, however, will still have a shot at trying to stop the Bank of Baroda in the main application for an interim interdict on December 7. Outa’s application was not opposed and on Tuesday the court granted the interim order, which directs the Bank of Baroda to continue to hold the rehabilitation funds in interest-bearing accounts in the trusts’ names. The trustees or those with signing powers were also interdicted "from directly or indirectly dealing in any way with, disposing of or removing from the Republic of SA any of the funds or assets of the trust including, but not...
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