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Oakbay fails in bid to stop Bank of Baroda from closing accounts

The Gupta-owned companies applied to stop the Bank of Baroda from closing their accounts.

Picture: Facebook.

PRETORIA - The High Court in Pretoria has dismissed the Oakbay group of companies' application to stop the Bank of Baroda from closing their accounts.

The Indian-based financial institution intends cutting ties at the end of this month - South Africa’s big four banks have already terminated business with them.

The Gupta-owned companies approached the court earlier this month asking for a temporary halt to the closure until their main application is heard later this year.

The Gupta Leaks have revealed how the companies used local and international bank accounts to allegedly launder money.

Judge Hans Fabricius says a court will rule in favour of a party which seeks to uphold and preserve the integrity of the established financial system and the rule of law.

In this instance he has accepted the concerns raised by the Bank of Baroda.

Fabricius referred to the numerous allegations of criminality against the Guptas and their companies, as well as the numerous suspicious banking transactions flagged by the Financial Intelligence Centre.

The court also ruled on legal technical points, namely that there is no provision for an interim order, which is what Oakbay was seeking ahead of its main application to heard later this year.

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