Oakbay Investment’s Court Papers Weaken Finance Minister’s Case On SA’s Major Banks
Oakbay Investments has hit back on Finance Minister’s court application requesting that the court excuses him from intervening in the matter where all four major banks closed company’s accounts.
Oakbay’s acting CEO Ronica Ragavan told the court in an affidavit how Minister Gordhan had planned to “clip the wings” of the Gupta family investments less than a month after he was appointed by President Zuma.
“In January 2016, shortly after his assumption of office, the minister called a meeting with about 60 ‘captains of industry’ and CEOs of large companies in South Africa. The meeting was held on January 29 at Nedbank’s office in Sandton,” her affidavit read.
“It would be bizarre if every empowered government official receiving a request for assistance or counsel races to court to seek a declaration that he/she does not have to act on the request,” Oakbay told the court.
“The minister’s superfluous application is riddled with factual and legal errors. The minister’s reliance on the list of 72 purported ‘suspicious transaction reports’ is misplaced and the minister’s application is supported by a flawed analysis and a faulty factual record,” the affidavit read.