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Ministers to give feedback on Gupta, bank fall out

The ministers of finance, mineral resources and labour were mandated to engage with the banks.

Minister in the Presidency Jeff Radebe. Picture: GCIS.

CAPE TOWN - The three ministers tasked with speaking to four banks that have cut ties with the Gupta-owned Oakbay Investments are expected to report back to Cabinet in two weeks.

The ministers of finance, mineral resources and labour were mandated to engage with the banks.

FNB, Absa, Standard Bank and Nedbank have withdrawn services to Oakbay amid allegations of state capture by the politically connected Gupta family.

During a post-Cabinet briefing today, Minister in the Presidency Jeff Radebe said the government understood the need for the country to comply with anti-money laundering regulations.

But Radebe could not confirm whether the statement was in direct response to a public outcry over the decision to intervene in Oakbay's banking woes.

"I was not at this Cabinet meeting, but this is part of the global initiatives of which South Africa is part, in terms of Basel 3 and so on. So that's a reinforcement of supporting all those initiatives."

Cabinet is worried the decision taken by the banks could deter investors.

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