TechCentralTechCentral
    Facebook Twitter YouTube LinkedIn
    Facebook Twitter LinkedIn YouTube
    TechCentralTechCentral
    NEWSLETTER
    • News

      Load shedding returns, and may last until Thursday

      16 August 2022

      Jo’burg to issue RFP for 500MW of electricity ‘within weeks’

      16 August 2022

      MTN hires outgoing Icasa CEO Willington Ngwepe into top role

      16 August 2022

      Rain in embarrassing climbdown over Telkom statement

      16 August 2022

      Coal miner Seriti plans R12-billion Mpumalanga wind farm

      16 August 2022
    • World

      Semiconductor boom turns to bust

      16 August 2022

      Tencent plans to offload R400-billion Meituan stake: sources

      16 August 2022

      Ether leaps higher on verge of Merge

      16 August 2022

      Institutions eye crypto but retail investors remain nervous

      15 August 2022

      Tencent woes mount, even after $560-billion selloff

      12 August 2022
    • In-depth

      African unicorn Flutterwave battles fires on multiple fronts

      11 August 2022

      The length of Earth’s days has been increasing – and no one knows why

      7 August 2022

      As Facebook fades, the Mad Men of advertising stage a comeback

      2 August 2022

      Crypto breaks the rules. That’s the point

      27 July 2022

      E-mail scams are getting chillingly personal

      17 July 2022
    • Podcasts

      Qush on infosec: why prevention is always better than cure

      11 August 2022

      e4’s Adri Führi on encouraging more women into tech careers

      10 August 2022

      How South Africa can woo more women into tech

      4 August 2022

      Book and check-in via WhatsApp? FlySafair is on it

      28 July 2022

      Interview: Why Dell’s next-gen PowerEdge servers change the game

      28 July 2022
    • Opinion

      No reason South Africa should have a shortage of electricity: Ramaphosa

      11 July 2022

      Ntshavheni’s bias against the private sector

      8 July 2022

      South Africa can no longer rely on Eskom alone

      4 July 2022

      Has South Africa’s advertising industry lost its way?

      21 June 2022

      Rob Lith: What Icasa’s spectrum auction means for SA companies

      13 June 2022
    • Company Hubs
      • 1-grid
      • Africa Data Centres
      • Altron Document Solutions
      • Amplitude
      • Atvance Intellect
      • Axiz
      • BOATech
      • CallMiner
      • Digital Generation
      • E4
      • ESET
      • Euphoria Telecom
      • IBM
      • Kyocera Document Solutions
      • Microsoft
      • Nutanix
      • One Trust
      • Pinnacle
      • Skybox Security
      • SkyWire
      • Tarsus on Demand
      • Videri Digital
      • Zendesk
    • Sections
      • Banking
      • Broadcasting and Media
      • Cloud computing
      • Consumer electronics
      • Cryptocurrencies
      • Education and skills
      • Energy
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Motoring and transport
      • Public sector
      • Science
      • Social media
      • Talent and leadership
      • Telecoms
    • Advertise
    TechCentralTechCentral
    Home»News»FirstRand backs Gordhan on Guptas

    FirstRand backs Gordhan on Guptas

    News By Agency Staff20 October 2016
    Facebook Twitter LinkedIn WhatsApp Telegram Email
    Finance minister Pravin Gordhan
    Finance minister Pravin Gordhan

    FirstRand said it agrees with finance minister Pravin Gordhan that he cannot interfere with their decision to cut ties with the Gupta family.

    Gordhan last week asked the high court to order that he has 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,” Johannesburg-based FirstRand said in an e-mailed response to questions. The group’s attorneys will advise FirstRand on how to address the matter, it said.

    Nedbank is still considering the “best way forward” with its legal team and will let the state attorney know by the deadline on Friday on whether to join or oppose Gordhan’s application, the Johannesburg-based company said. Barclays Africa Group is also taking advice, the lender said. Standard Bank declined to comment.

    In his affidavit, the finance minister highlighted 72 transactions totalling R6,8bn by the Guptas and companies they control that the country’s anti-money laundering agency considered suspicious. The transactions were approved and cleared by the respective banks, Van Der Merwe Associates, who are representing the Guptas, said.

    A court case that would give banks the opportunity to explain their behaviour would be in the “public interest”, Kuben Naidoo, a deputy South African Reserve Bank governor and the registrar of banks, told Financial Mail.  — (c) 2016 Bloomberg LP

    • Reported with assistance from Xola Potelwa
    FirstRand Jacob Zuma Nedbank Oakbay Oakbay Investments Pravin Gordhan Van der Merwe Associates
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email
    Previous ArticleAltron turnaround takes shape
    Next Article SA commission, Samsung meet to discuss Note7

    Related Posts

    Load shedding returns, and may last until Thursday

    16 August 2022

    Jo’burg to issue RFP for 500MW of electricity ‘within weeks’

    16 August 2022

    MTN hires outgoing Icasa CEO Willington Ngwepe into top role

    16 August 2022
    Add A Comment

    Comments are closed.

    Promoted

    HPE SimpliVity: addressing SMBs’ data conundrums

    16 August 2022

    Digital transformation – don’t get caught unprepared

    16 August 2022

    Seven reasons your business needs IP surveillance cameras

    15 August 2022
    Opinion

    No reason South Africa should have a shortage of electricity: Ramaphosa

    11 July 2022

    Ntshavheni’s bias against the private sector

    8 July 2022

    South Africa can no longer rely on Eskom alone

    4 July 2022

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2022 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.