Gupta-linked funds in Bank of Baroda should not leave SA: Outa

The Organisation Undoing Tax Abuse (Outa) has called on the SA Reserve Bank to ensure that Gupta-linked funds in the Bank of Baroda are not moved offshore.

The SA Reserve Bank has confirmed that the Bank of Baroda is closing down its operations in South Africa.

“Outa believes public and business pressure was brought to bear against the Bank of Baroda for its continued services to the controversial Guptas‚” said Outa chief executive Wayne Duvenage.

“The Bank of Baroda has come under increasing public scrutiny over its continued links with the Guptas‚ who now have very limited banking options left in South Africa.”

In October last year‚ the High Court in Pretoria ordered the Bank of Baroda to keep the accounts of Gupta-linked companies open. Judge Tati Makgoka granted an interdict against the bank‚ prohibiting the lender from deactivating or closing the banking accounts of the Gupta businesses‚ or from terminating the banker-customer relationship.

Source

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