JOHANNESBURG, — Standard Bank has joined several other South African banking institutions which have expressed agreement with Finance Minister Pravin Gordhan that the government cannot intervene when a bank closes the accounts of a client.

Gordhan last week filed an affidavit to have a court declare he cannot interfere with moves by major banks to cut ties with businesses owned by the Gupta family, who have been the subject of a State probe into allegations that they have undue influence over President Jacob Zuma.

Oakbay Investments, owned by the Guptas, says Gordhan’s affidavit is flawed and it’s lawyers will challenge it in court.

Standard Bank said over the weekend that the government is by law not empowered to intervene. Another of the country’s leading financial institutions, First National Bank (FNB), also came out in support of Gordhan’s court application.

The Guptas have been publicly lambasting Gordhan for refusing to give into their demand that he withdraw the court application.

Initially, the Guptas welcomed the Minister’s court bid, saying it would give them an opportunity to clear their name.

Source: Nam News Network