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Outa goes after rehabilitation funds at Gupta-owned mines

The Outa says it's approaching the court to stop the rehabilitation trust fund accounts of Gupta-owned mines, worth nearly R2 billion.

FILE: Atul Gupta. Picture: AFP

JOHANNESBURG - The Organisation Undoing Tax Abuse (Outa) has announced it will seek an interdict against the Bank of Baroda to freeze the rehabilitation trust fund accounts of Gupta-owned mines, worth nearly R2 billion.

The High Court in Pretoria on Thursday dismissed an application by several Gupta-owned firms to stop the Indian-based bank from closing its accounts, which is expected to happen at the end of September.

South Africa’s big four banks have already cut ties with the controversial family.

This latest development has left the companies with no options, meaning that it could collapse operations.

Outa says that it is approaching the court to stop the mine rehabilitation funds from disappearing.

The Optimum and Koornfontein mines are owned by the Gupta’s Tegeta Resources.

Outa says it wants to ensure that the funds do not leave the country or find their way into the Gupta's pockets.

The High Court on Thursday affirmed the concerns raised by the Bank of Baroda around suspicious transactions between the Guptas accounts.

Judge Hans Fabricius ruled that the court favours parties which seek to uphold and preserve the integrity of the established financial system and the rule of law.

(Edited by Zamangwane Shange)