NEW DELHI INDIA- AUGUST 8 Bank of Baroda
Nearly 20 South African companies linked to the Gupta family have lost a court bid to have Bank of Baroda, the last lender doing business with the firms, maintain its operations in the country, local news service Eyewitness News said.
The Indian state-owned worldwide Bank of Baroda (BoB) can not be forced to keep its doors open in South Africa to do business with 20 Gupta-linked companies, the High Court in Pretoria has ruled.
"I therefore conclude that the respondent's rights to trade or not to trade supersedes whatever right‚ if any‚ the applicants might have".
The Indian state-owned worldwide bank cited its fading relationship with Nedbank a the reason it wants to close its SA branch.
The move followed after Nedbank, on which BoB relied to provide banking services to its own clients, informed BoB in January that it would terminate their relationship within three months.
"The decision by the respondent (Baroda) to exit [the] South African banking sector‚ cannot‚ in my view‚ be interfered with by the courts‚" Mavundla said in his judgment.
Judge Mavundla said without the infrastructure of Nedbank, BoB could not be expected to service the accounts of the Gupta companies.
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He said Baroda, which was given a notice period, failed to challenge Nedbank's decision.
It said these companies had created their own predicament by not finding another bank in the meantime.
Legal representative of the bank, Azhar Bham, told the court that it was unfair to make the bank stay in the country just to serve the Guptas.
Advocate Azhar Bham for the Bank of Baroda said it chose to withdraw from South Africa as business was no longer economically worthwhile.
The local Eyewitness News (EWN) service said that the High Court in Pretoria had dismissed the Gupta companies' application to prevent the Indian bank from closing its South African operations.
The whereabouts of Gupta brothers Ajay, Atul and Rajesh, who are close associates of former president Jacob Zuma and his son, Duduzane, remain unknown amid speculation they are fleeing from SA Authorities.
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