Why Standard Bank closed Oakbay's accounts

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Oakbay chair Atul Gupta and President Jacob Zuma (Photo: GCIS)
Oakbay chair Atul Gupta and President Jacob Zuma (Photo: GCIS)

Johannesburg – Suspicious transactions are among the reasons why Standard Bank Group said it closed the accounts of Oakbay and its associated entities in June 2016.

This is according to an explosive affidavit filed by Standard Bank on Wednesday in the North Gauteng High Court.

Standard Bank's comprehensive affidavit was filed in response to a court bid launched by Finance Minister Pravin Gordhan in October in which he sought to ask the court for a ruling that he doesn’t have the authority to interfere with whom banks choose as clients. 

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