Another blow for Guptas as Bank of Baroda exits SA

Another blow for Guptas as Bank of Baroda exits SA

Another blow for Guptas as Bank of Baroda exits SA

Last month, the Bank of Baroda agreed to hand over Gupta-family bank records to South African civil society organisations, following an access to information request by the Helen Suzman Foundation and Freedom Under Law.

The South African Reserve Bank (SARB) said in a statement on Monday its registrar is in discussions with the Bank of Baroda to ensure its orderly withdrawal from South Africa so that no depositor is disadvantaged.

Cape Town - Gupta-linked bank the Bank of Baroda has notified the Office of the Registrar of Banks of its exit from South Africa.

The bank made headlines in the previous year for being the last financial institution to still hold Gupta bank accounts.

It tried to shut the accounts in 2016, but was ordered by the courts to keep the accounts open after Gupta-owned or linked companies successfully argued that the closure would unfairly impact its businesses, as all other South African banks had already blacklisted accounts associated with the family.

The Bank of China also closed Gupta-linked accounts. After losing an interim order application in September‚ the companies brought a new last-minute application to the court.