Zuma son lashes Gordhan over account closures - TechCentral

Zuma son lashes Gordhan over account closures

Duduzane Zuma, a son of South African President Jacob Zuma, said all of his bank accounts have been closed because of pressure on financial institutions from former finance minister Pravin Gordhan.

Duduzane Zuma’s business relationship with the Gupta family, who have been accused of wielding influence over Zuma and some state-owned companies, has been criticised by opposition parties.

South Africa’s four biggest banks shut Gupta-controlled company accounts last year, citing reputational risk and regulatory concerns. India’s Bank of Baroda, the last lender to continue doing business with them, is in the process of following suit.

“You have used various state bodies such as the Financial Intelligence Centre and the Reserve Bank to try and destroy me and my business colleagues with no proof of misconduct,” Duduzane Zuma said in an e-mailed copy of an open letter to Gordhan, who was fired by President Zuma in March. “All of my bank accounts have been closed by your ‘friends’ in the banking industry.”

Duduzane Zuma said he is selling his assets, joining the Guptas, whose Oakbay Investments last week sold media and coal interests. “I am selling my shares to be able to focus my time on clearing my name,” he said.

Gordhan said he has referred the matter to his lawyers.  — Reported by Antony Sguazzin, with assistance from Paul Burkhardt, Renee Bonorchis and Arabile Gumede, (c) 2017 Bloomberg LP

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