Don't let Bank of Baroda move Gupta money offshore – OUTA
OUTA calls on the South African Reserve Bank to make sure the Gupta-related funds in the Bank of Baroda are not moved offshore, following reports that the Bank intends closing its SA operations. The SARB has confirmed the planned exit.
“OUTA believes public and business pressure was brought to bear against the Bank of Baroda for its continued services to the controversial Guptas,” says Wayne Duvenage, OUTA’s CEO.
The Bank of Baroda has come under increasing public scrutiny over its continued links with the Guptas, who now have very limited banking options left in South Africa.
In September, OUTA got an interim order freezing the rehab funds for the Gupta mines which are held in the Bank of Baroda. The Guptas are opposing this action. The matter is now due to be heard in court in May for a final order. The rehab funds are for the Gupta mines but are required by law and are effectively for the public benefit, not for the private use of the mine owners, and OUTA’s action is aimed at preventing misuse and looting of these funds.
Due to OUTA’s action freezing the rehab funds, the Bank of Baroda will need court approval to move those funds to another bank.