21 September 2017

South Africa: Bank of Baroda - What Next for the Soon-to-Be Unbanked Guptas?

analysis

On Thursday, the North Gauteng High Court dismissed Oakbay's application to stop the Bank of Baroda closing the accounts of about 20 Gupta-owned companies. As things stand now, the Bank of Baroda is due to pull the plug on Gupta accounts at the end of September. The judgment may prove a significant nail in the coffin of the Guptas' South African empire. By REBECCA DAVIS.

The only option for the Guptas now is to sell their companies in South Africa.

That's the verdict given to the Daily Maverick by a respected local banking expert who spoke on condition of anonymity. He was responding to Thursday's decision by the North Gauteng High Court to dismiss the application by the Guptas to delay the closure of their bank accounts by the Bank of Baroda.

The result of Thursday's court ruling is that - bar some miraculous last-minute stay of execution choreographed by the famously resilient Guptas - the Bank of Baroda is due to close the accounts of around 20 Oakbay companies at the end of this month. Oakbay had approached the court to interdict the Bank of Baroda from doing so, but its application was dismissed by Judge Hans Fabricius.

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