ON THE MONEY
Reserve Bank and its reputation are a crucial bulwark against Gupta Inc
One thing is clear: the Guptas want to be able to operate bank accounts in SA, writes Stuart Theobald
SA’s banking sector is rightly recognised worldwide for the quality of its regulation and systems. That’s easy to forget in light of the bizarre cloud of conspiracies and accusations that shroud it. On the one hand, close associates of the Guptas are trying to buy control of a bank. On the other, Finance Minister Pravin Gordhan, now with the support of several banks, wants the high court to order that he is not legally allowed to interfere with client banking relationships. Then the old Bankorp skeleton was dragged out of the closet through a leaked report from the public protector. One thing is clear: the Guptas want to be able to operate bank accounts in SA. When their accounts at the big four banks were shut down amid concerns over money laundering, they yoked their political supporters to the task of forcing the banks to change course. So in 2016 we were treated to the bizarre spectacle of the mining minister threatening banks with court action, while lying that the Cabinet had ...
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