Indian bank dumps Gupta family interests in SA

INDIA’S Bank of Baroda has reportedly dumped the Guptas, leaving scores of Oakbay Investments’ employees in a state of panic about how they will be paid their salaries in the coming months.

Speaking on condition of anonymity, panic-stricken workers of the Gupta-owned media-arm of Oakbay – The New Age newspapers and ANN7 – yesterday confirmed that management broke the news at a meeting called shortly after midday yesterday.

“We understand that the Bank of Baroda has given them (Guptas) a month to find a new home.

“This is really worrying,” said a worker.

The employees, including journalists, said they were summoned to a staff meeting at the company offices in Midrand yesterday.

Addressed by employee relations manager Kgomotso Amazu, staff were told about the Indian bank’s intention to cut ties with Guptaowned businesses.

One source said that after the briefing “Kgomotso asked us to sign a petition because the Bank of Baroda has given the Guptas notice to say that they will no longer be doing business with them.

“She (Amazu) said they needed the employees’ support to try to fight the decision and get the Bank of Baroda to reverse its decision.”

Another employee said: “It was just her and ANN7 news editor Abhinav Sahay addressing us.

“It appears that the other managers were briefed before us. So the two just came down to address the remainder of the staff ”.

The employees said they were not shown the letter from the Bank of Baroda and were not aware when the bank would execute its decision, one that would probably affect the payment of salaries as well as creditors.

Amazu confirmed that the staff meeting was held but did not want to comment on what transpired.

She referred all inquiries to Gary Naidoo, senior general manager. Naidoo had not responded to numerous calls made to his cellphone as well as to messages to his official email at the time of going to press last night.

Oakbay lawyer Gert van der Merwe also referred the Cape Times’ sister puplication, The Star, to Naidoo.

The Star contacted the Bank of Baroda but was told its Joburg office general manager Shaikh Rauf has since gone back to India.

In March, when news first emerged of the India-based lender winding down its relationship with companies related to the Gupta family to ensure it is in compliance with banking rules, an unnamed Oakbay spokesperson dismissed it as fake news.

“This is just more evidence of a campaign by some against Oakbay, based, as usual, on nothing more than innuendo,” the Oakbay spokesperson said then.

The troubles for the Oakbay group of companies began in April last year when the country’s major banks and other financial and auditing firms decided to terminate their relationship with the Guptas following a report that accused the family of being embroiled in state capture. Although the family has denied the allegations, a series of emails have linked them to several government officials.