MINERAL Resources Minister Mosebenzi Zwane urged the Nedbank Group to reconsider its decision to sever ties with companies tied to the Gupta family, who are friends of President Jacob Zuma and in business with his son, Duduzane.In a letter to Oakbay Investments dated April 7 2016, Nedbank said a continued relationship with the Gupta-controlled Oakbay would “create material business risks that could pose significant reputational risks”, according to an affidavit filed in the Pretoria High Court by the bank’s chief executive, Mike Brown, on Monday.The group gave Oakbay 30 days to find alternative bankers.After the country’s four biggest banks closed the Oakbay accounts earlier this year, the Gupta family asked Finance Minister Pravin Gordhan to intervene.Gordhan asked the High Court in October for a declarative ruling to the effect that he could not prevent banks from closing clients’ accounts.
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