NATIONAL NEWS - After initially rejecting a bid by Gupta-owned companies to stop the Bank of Baroda from closing its accounts, the High Court in Pretoria today ordered the bank keep the accounts open until a final application on the matter has been heard.
The Indian-based financial institution was expected to close the accounts at the end of last month after citing the reputational risk of being associated with the companies.
The court first affirmed the bank’s concerns around alleged unlawful transactions in the accounts, but appears to have done an about turn.
South Africa’s big four banks have already cut ties with the controversial family.
Judge Hans Fabricius has given the Gupta-owned companies a brief reprieve. They now have 15 days to launch a final application to compel the Bank of Baroda to keep its accounts open.
Bank of Baroda must keep Gupta accounts open for now
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