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Showing posts from April, 2016

South Africa alliance slam banks' Gupta bullying

by James Tweedie The wealthy Gupta family sought meetings on Tuesday with South African banks that have boycotted their business group, jeopardising thousands of jobs. Since last week banks  Absa, FNB, Nedbank and Sasfin and auditing transnational KPMG have all cut off business relations with Gupta companies Oakbay, Sahara Holdings and TNA in an unprecedented boycott over their alleged relationship with the ruling African National Congress (ANC). The banks' move also coincided with oppositions parties' failed attempt at regime change through a parliamentary impeachment motion against President Jacob Zuma. Oakbay Investments CEO Nazeem Howa said he hoped to reopen accounts with at least one bank following the meetings. "We will start setting up meetings with banks on Tuesday to try and restore those relations because the lives of 7,500 employees are at stake," Mr Howa told Reuters. The Indian-South African family came under fire earlier this year from sect