Standard bank takes Gupta companies back

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Standard bank has agreed to open accounts to eight Gupta family's companies that entered business rescue last month -finally ending a two-year boycott of the family's business interest by almost the entire formal banking system in South Africa.

At the same time the business rescue practitioners were already gearing up for a fight with  Eskom over a R105 000 000 fine. It slapped on the optimum coal mine. Gupta companies had a cash crunch in the first place.

The business rescue practitioners announced the banking news. Standard bank held a board meeting where the issue was discussed. Another local investment bank had been willing to take on the business now that the Guptas were no longer in control of the business.

Information adapted from City Press.

Comments

  1. Khungo15 March 2018 at 07:15

    After all the damage the Guptas have done in South Africa, Standard Bank still works with them. Such Audacity!

    ReplyDelete
  2. ceeyakayone20 March 2018 at 13:01

    Gupta brought confusion in our country

    ReplyDelete

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