S.A’s FinMin Gordhan reveals potential reasons for why the big-four banks closed Guptas’ accounts

PUBLISHED: Sat, 15 Oct 2016 17:56:51 GMT
Share

In an affidavit submitted to the High Court in Pretoria on Friday seeking declaratory relief for South Africa’s Finance Minister Pravin Gordhan, he has revealed the potential reasons for why the big-four banks closed the Guptas’ bank accounts.

The reasons appear to be related to R6.8 billion in “suspicious and unusual transactions” by Gupta owned companies. For more read the affidavit.

The release of the affidavit comes in a week when Gordhan was issued with a summons after being charged with fraud, which he described as frivolous.

READ:SA Finance Minister Pravin Gordhan summoned to appear in court

READ:S.A FinMin Gordhan won’t make representations to NDPP

<?UMBRACO_MACRO brightcove="5170272333001" macroAlias="BrightcoveEmbed" />

Sign Up for Our Newsletter Daily Update
Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent.
Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.