South Africa: Gupta firms turned away from Postbank
01 Nov 2017

Gupta-owned and linked companies were turned away from Postbank, after they requested opening a bank account with the South African Post Office’s (SAPO’s) bank.

This was revealed in written Parliamentary papers on Tuesday.

“No member of the Gupta family approached the Postbank to open up an account,” said Telecommunications and Postal Services Minister Siyabonga Cwele in an updated parliamentary response.

“An employee from JIC Limited approached the Postbank’s head of sales and customer care telephonically in August 2016 to open an account.

“The Postbank requested details of the company and financial statements. Upon receipt of this information, Postbank established that JIC Limited is part of the Oakbay Investments (Pty) Ltd.

“The Postbank responded that it did not have capabilities to service corporate accounts such as risk management, IT infrastructure for large volumes, corporate electronic banking, corporate products such as Forex, trade finance, corporate lending, etc.

-FIN24

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