Outa wins interdict against Bank of Baroda
The court has granted the interdict just days after it dismissed an application by several Gupta-owned firms to stop the Indian-based bank from closing its accounts.
JOHANNESBURG - The Organisation Undoing Tax Abuse (Outa) has won 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 has granted the interdict just days after it 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.
Outa's Ben Theron says the ruling means Gupta mining trust accounts will be prevented from leaving South Africa.
“We got a court order instructing the Bank of Baroda to ensure that the money currently in plus sumremains in that until the court date where the court will then determine what ought to happen with that.”
In a statement, Theron says the interdict is a victory.
“This is another sweet victory for South Africa, with the prevention of Gupta mining trust accounts worth at least R1.75 billion from leaving our shores or being plundered by the Guptas. But the fight is far from over as we want to ensure that the Gupta family and those responsible for state capture are held accountable.”
Outa’s action was not opposed.
The interim order directs the Bank of Baroda to continue to hold the trust funds of the Optimum Mine Rehabilitation Trust and the Koornfontein Mine Rehabilitation Trust in interest-bearing accounts in the trusts’ names.