Ever wondered why South Africa’s top four banks all of a sudden closed the accounts of the Gupta-owned Oakbay Investments? Wonder no more. ANC secretary general Gwede Mantashe knows why.
According to him, the decision to close the accounts of the Gupta-owned Oakbay Investments is white monopoly capital acting together through a secret understanding to destroy the Gupta-owned firm which is a threat to their big companies.
Don’t start screaming ‘Mantashe is on the Guptas pay roll’. Mantashe has always decried the state capture of South Africa. He’s only pointing out that the banks acting together against the family is strange.
“From where i’m sitting” he said, “I get worried where the economy is still dominated by white monopoly capital – where they can actually collude to destroy smaller companies.
That would be a threat to me. The biggest threat out of this, it’s not about a particular family, it’s the threat overall of the ability of banks to close accounts for smaller companies if they posed a threat to big companies.
What happened between the bank and the client has nothing to do with us, but the implications are far-reaching if you look at them in detail,” Mantashe asserted.
The secretary general stressed that such unanimous action by South Africa’s top banks is possibly, a scheme to destroy small companies that posed a threat to bigger companies.
He opined that it’s more appropriate to question Reserve Bank on the issue instead of the ministerial committee created to intervene on behalf of the Gupta’s Oakbay Investments.
To him, Reserve Bank ought to be charged to tell if Standard Bank, Absa, First National Bank and Nedbank decision is a collision or “an order from the regulator.
“If I was in the government task team, that’s where I would start and ask; ‘What’s happening here? How is it possible that all the banks take the same decision, at the same time?'” Mantashe stated.