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Gupta-owned Oakbay investigates suspicious transactions

The company is investigating five of 72 transactions reported to authorities as suspicious.

Oakbay Investments logo. Picture: Facebook.

JOHANNESBURG - South Africa's Oakbay Resources and Energy Ltd, a company controlled by businessmen close to President Jacob Zuma, is investigating five of 72 transactions reported to authorities as suspicious.

Finance Minister Pravin Gordhan revealed in a court affidavit on Friday that transactions worth R6,8 billion made by the wealthy Gupta family and companies they control have been reported to the Financial Intelligence Centre, a government anti money laundering agency.

Meanwhile, a lawyer for the Guptas says he will force the banks to disclose the reasons behind their decision to close the family's business accounts.

Gordhan is seeking a declaratory order to show that he cannot intervene in the Guptas' dispute with the four major banks.

Attorney Gert van der Merwe says there was nothing suspicious about the transactions.

"As I sit here today, the banks have not disclosed the reasons for closing the accounts. I will force them to do that because the accounts are closed and I don't know why I can't do business and I have those reasons. I am going to file an affidavit because the application launched on Friday creates the impression that there's dubious payments, which is undiluted nonsense."

To read the court papers filed by Finance Minister Pravin Gordhan, _ click here._

Additional reporting by Reuters.

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