Once Again, First National Bank Cuts Business Ties With Guptas


The Gupta family, together with its companies may soon have their feet cut from the ground as they continue to be spanked by ‘well-meaning’ individuals from front, back, right and left sides. The family has continued to see its business ties with some partners and associates severed.

Sadly, none of these Guptas ‘enemies’ have been able to come up with tangible or concrete reason(s) why they suddenly chose to severe ties with the affluent family.

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Last week, KPMG was the first private firm to cut ties with the family over the fallout from the Mcebisi Jonas saga. KPMG’s decision to cut business ties with the Guptas emerged after its internal introspection. The firm asserted that as a reputational international auditing organization, it could not afford to be associated with the Gupta family. The bilateral relationship between KMPG and the Guptas was confirmed through their Oakbay Investments company.

Irrespective of KPMG’s severance, the Gupta family has continued to wander through lonely and uncertain paths (all because of their ties with President Zuma). The family has also been given cold shoulders in the country, with many people calling them to leave South Africa entirely.

Be that as it, the First National Bank has toed the lines of KPMG. Relating the incidence on Wednesday, Oakbay Investment company (a Gupta company) said First National Bank has closed its accounts. FNB is a unit of FirstRand.

“Oakbay has received no reason whatsoever justifying FNB’s actions. We are already in the process of moving our accounts to a more enlightened institution,” Oakbay Investments said in a statement.

FNB’s dissociation with the Guptas will make them [FNB] the third and latest local firm to pull out from relationship with the Guptas, after Barclays Africa and KPMG did.

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