FirstRand backs Pravin Gordhan’s position about banks’ move on Oakbay
FirstRand says it agrees with Finance Minister Pravin Gordhan that he cannot interfere with its decision to cut ties with the Gupta family. Gordhan last week asked the High Court to order that he has no authority to stop banks from closing accounts of Gupta-controlled Oakbay Investments, following repeated requests to do so by the family, who are friends of President Jacob Zuma. Should the banks join Gordhan’s application, it may open the way for lenders to explain their actions, which they have so far refused to do because of client confidentiality issues. "FirstRand supports the position of the minister of Finance that he is neither empowered or obliged by law to intervene," FirstRand said in an e-mailed response to questions. The group’s attorneys will advise FirstRand on how to address the matter, it said. Nedbank is still considering the "best way forward" with its legal team and will let the state attorney know by the deadline on Friday on whether it will join or oppose Gordha...
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.