According to reports, FNB is now the first of the Big Banks to reveal why its closed its doors on the Guptas.

FirstRand CEO Johan Burger said there were suspicions that the accounts were being used to launder money.

The revelation appears in an affidavit filed to the High Court in Pretoria in response to Finance Minister Pravin Gordhan’s application for the court to declare that government has no powers to intervene in the banking decision to terminate business relationships with the Guptas, which was also taken by Absa, Nedbank and Standard Bank.