Guptas plan to sue Baroda, to avoid joining the ranks of the unbanked
After saying earlier this week they had a new bank lined up, a family spokesperson now says they have not found an institution willing to bank them
The Guptas, whose accounts are being closed down by the Bank of Baroda’s South African unit, have not found another company willing to offer them banking services, according to a spokesman for the family, and their companies plan to sue Bank of Baroda to stop the termination of its services to them. "No other bank has agreed to offer them alternative banking services," Gary Naidoo, a spokesman for the Gupta family and their group of companies known as Oakbay, said in an e-mailed statement on Wednesday. "Accordingly, on the closure of their accounts by the Bank of Baroda, the companies will be left effectively without any other banking services available to them." Bank of Baroda "has unilaterally and of its own volition afforded to these companies an additional time period of until September 30 prior to the closure of their accounts", the statement said. Bloomberg reported earlier this week that the Gupta family had told the Indian lender they had found another company willing to off...
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