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Gordhan stays mum on Oakbay banks case

Johannesburg – Finance Minister Pravin Gordhan would not share his views on the impending court battle with Gupta-owned Oakbay, which will kick off next week.

Following a briefing about the economy at Deloitte on Friday, Gordhan spoke to journalists, where he responded to a question on the court case.

“Let’s wait for the court case. It’s for the court to decide,” he said.  

Gordhan is seeking declaratory relief from the courts to state that he cannot intervene with the banks regarding the closure of Oakbay’s bank accounts.

READ: Gordhan's Gupta court battle comes to a head

Last year four major South African banks - FNB, Standard Bank, Absa and Nedbank - as well as the Bank of China closed the company’s accounts. The banks subsequently filed court papers in support of Gordhan’s affidavit. They each listed concerns about the Guptas, ranging from risks of money-laundering and suspicious transactions to the family being politically exposed persons.

Earlier this year Oakbay filed its own court papers in which it alleged that Gordhan had targeted the Gupta family, encouraging leaders in business to “clip the wings” of the family.

READ: Gordhan told big business to ‘clip the Guptas’ wings’ – affidavit

Ahead of the case, Oakbay Resources and Energy CEO Jacques Roux resigned. Oakbay Resources and Energy is one of the 21 respondents expected in the North Gauteng High Court hearing from 28 to 31 March. Roux will vacate his position only at the end of March.

During his address Gordhan said South Africans should guard key fiscal and economic institutions as well as rule of law institutions, as they will “outlast” all of us. “Some of us can cause huge damage if we don’t look after the institutions,” he said.

Gordhan said that despite this, there would always be detractors who allow greed, and “line pockets” at the expense of South Africans. “[They] must be exposed for what they do and the damage they cause,” he said. 

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