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Guptas sue Bank of Baroda in attempt to stop account closures

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Johannesburg - Companies controlled by the Gupta family, whose accounts are being closed down by Bank of Baroda, said they’re taking legal action against the lender to try and stop the termination, which comes after South Africa’s four biggest lenders cut banking services for the family that’s in business with a son of President Jacob Zuma.

A number of companies forming part of the Gupta-controlled Oakbay Group “are presently involved in litigation against the Bank of Baroda concerning its unlawful attempts to close the companies’ accounts, and particularly in light of the unreasonable notice period given,” Gary Naidoo, a spokesperson for the family and their companies, said in an emailed statement on Wednesday.

The deadline for the closure of the accounts has been extended to the end of September by the India-based bank, he said. He didn’t answer a call made to his mobile phone seeking further information.

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