Nedbank CE Mike Brown has revealed that Communications Minister Faith Muthambi was part of the interministerial committee delegation he met with to discuss the closure of Gupta bank accounts. Muthambi, who was not appointed by the Cabinet to the committee, is known to be a strong supporter of President Jacob Zuma. Her participation in the meeting with Nedbank adds to questions around the standing of the committee. Finance Minister Pravin Gordhan, who was appointed by the Cabinet to participate, refused to do so. The minister has applied to the High Court in Pretoria for a declaratory order that ministers cannot intervene in the relationship between banks and their clients. The committee was appointed after the country’s four major banks ceased doing business with Gupta-owned Oakbay‚ amid allegations that the family was using its relationship with Zuma to secure business and other favours. A number of the banks did not agree to a meeting with the ministerial committee as there was u...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now