Oakbay confirms R1.5bn moved from Standard Bank account to Bank of Baroda
The Gupta-owned Oakbay Investments has confirmed that an amount of R1.5bn was moved out of its Standard Bank account and into an account held with the Bank of Baroda in June 2016. But, says the company, the move was legitimate due to "Standard Bank’s closure of all company accounts". The transaction was one of 72 transactions worth a total of R6.8bn cited by Pravin Gordhan in court papers, in which he asked the court to rule that he could not intervene in the decision by banks to close the Gupta accounts. Oakbay said: "The rehabilitation fund balance was moved from Optimum Mine rehabilitation trust’s account with Standard Bank to Bank of Baroda in June 2016. This transfer was due to Standard Bank’s closure of all company accounts. This is the only movement of money from this account. This movement was with the full permission of the joint business rescue practitioners." The company said "suggestions" that the money had been drawn on were "absolutely untrue and defamatory". The compa...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.