Gupta link with Duduzane Zuma no risk - Oakbay CEO

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Cape Town - Oakbay Investments acknowledges that the affiliation of President Jacob Zuma's son Duduzane with certain of the group's businesses, results in those businesses being considered as "close associates" of a "politically exposed person" and, therefore, subject to enhanced due diligence.

This is according to an affidavit by Ronica Ragavan, acting CEO of Gupta-owned Oakbay. The affidavit forms part of Oakbay's response in an application by Finance Minister Pravin Gordhan to prevent him from intervening with banks on their behalf.

Ragavan points out that it is recognised practice that bank customers associated with a so-called "politically exposed person", a family member of such a person or a close associate of such a person, standing alone, does not mean a bank should not be willing to do business with such a customers.

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