The fact that Standard Bank has filed an affidavit seeking protection from political interference proves corruption and raises the question about to what extent the country’s institutions have been captured and abused‚ according to a legal expert. David Loxton‚ partner at Dentons law firm in Johannesburg‚ specialising in corporate investigations and compliance‚ says all South Africans should be concerned by the whole saga. On Friday it was revealed that Standard Bank had filed an explosive affidavit in the High Court in Pretoria appealing for protection against executive interference in the bank and detailing the extensive political pressure it came under from the ruling ANC party‚ Cabinet ministers and Oakbay after it closed the Gupta-owned company’s accounts. It said the affidavit was in support of Finance Minister Pravin Gordhan’s application for a declaratory order from the court‚ confirming that he does not have the authority to intervene in relationships between banks and thei...

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 articles from our international business news partners; 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