The rich controversial Gupta family who migrated from India in 1993 have been accused of capturing the state. Thuli Madonsela’s state capture report showed South Africans the number of politicians the Gupta brothers allegedly control.
Bank of Baroda has reportedly dumped the Guptas, leaving scores of Oakbay Investments’ employees in a state of panic about how they will be paid their salaries in the coming months.
Bank of Baroda is an Indian state-owned International banking and financial services company headquartered in Vadodara in Gujarat, India.It is the second largest bank in India, next to State Bank Of India.
Workers of the Gupta-owned media-arm of Oakbay – The New Age newspapers and ANN7 – on Tuesday confirmed that management broke the news at a meeting called shortly after midday.
“We understand that Bank of Baroda has given them (Guptas) a month to find a new home.
“This is really worrying,” said a worker who spoke on the condition of anonymity.
Staff were told about the India-based bank’s intention to cut ties with Gupta-owned businesses.
On April 6 last year, First National Bank became the last major South African bank to close the accounts of Gupta-owned investment company, Oakbay.
This happened after numerous banks, including Absa, Nedbank and Standard bank had earlier that month also made similar decisions.