The Mercury

FirstRand agrees on Gupta ties decision

- Bloomberg

FIRSTRAND said it agreed with Finance Minister Pravin Gordhan that he could not interfere with its decision to cut ties with the Gupta family.

Gordhan last week asked the High Court to order that he had no authority to stop banks from closing accounts of Gupta-controlled Oakbay Investment­s, following repeated requests to do so by the family, who are friends of President Jacob Zuma.

Should the banks join Gordhan’s applicatio­n, it may open the way for lenders to explain their actions, which they have so far refused to do because of client confidenti­ality issues.

“FirstRand supports the position of the minister of finance that he is neither empowered or obliged by law to intervene,” FirstRand said. The group’s attorneys would advise FirstRand on how to address the matter, it said.

Deadline

Old Mutual’s Nedbank Group was still considerin­g the “best way forward” with its legal team and would let the state attorney know by the deadline today on whether to join or oppose Gordhan’s applicatio­n, the company said.

Barclays Africa Group was also taking advice, the lender said. Standard Bank Group declined to comment.

Meanwhile, the chances of Gordhan keeping his job after prosecutor­s charged him with fraud brightened on Wednesday

 ??  ?? Finance Minister Pravin Gordhan last week said that he had no authority to stop banks from closing accounts of Gupta-controlled Oakbay Investment­s.
Finance Minister Pravin Gordhan last week said that he had no authority to stop banks from closing accounts of Gupta-controlled Oakbay Investment­s.

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