SA banks must explain account closures - Gupta lawyer

Court documents filed by Finance Minister Pravin Gordhan revealed that the Financial Intelligence Centre flagged a history of "suspicious" transactions made by the Gupta family and companies owned by them.

The transactions amount to R6.8 billion.

Gupta lawyer, Gert van der Merwe, says none of the payments listed in Gordhan's documents are suspicious. He says he has advised his clients to prepare a list of each and every payment so that this can be presented to court.

In response to the R1.3 billion transaction involving the money from the Mining Rehabilitation Fund for Optimum, van der Merwe says it is no secret that the banks closed all their bank accounts.

He says the family had to open a new account with a new bank which also holds the Optimum Rehabilitation Fund.

He submitted proof to Thuli Madonsela last Thursday.

I am flabbergasted by the allegations that the money has disappeared, I don't know where that comes from.

Gert van der Merwe, Gupta Family Legal Representative

Van der Merwe says he is going to force the banks to disclose the reason they decided to close the Gupta's bank accounts as it is unfair for business.

Listen to the full conversation below:

Read More
Trump to be ushered in as next American President

Trump to be ushered in as next American President

Professor John Stremlau says Trump has definitely focused himself primarily on domestic and not foreign policy.

Home Affairs takes on Oppenheimer family over VIP airport terminal

Home Affairs takes on Oppenheimer family over VIP airport terminal

The department's DG Mkuseli Apleni says Home Affairs cannot simply grant special immigration services to this wealthy family.

Absa's Maria Ramos speaks out on Public Protector's leaked report

Absa's Maria Ramos speaks out on Public Protector's leaked report

Absa CEO Maria Ramos says she trusts the Public Protector despite "factual and legal inaccuracies" findings in her leaked report.

 Social Development MEC aids family of 3 Soweto children killed in shack fire

Social Development MEC aids family of 3 Soweto children killed in shack fire

Three children aged between 10 months and five years who died in a shack fire in Snake Park, Soweto will be buried next Thursday.

There's unity in Team South Africa - Ramaphosa #WEF2017

There's unity in Team South Africa - Ramaphosa #WEF2017

SA will employ 1 million youth says Deputy President Cyril Ramaphosa from the 46th World Economic Forum in Davos.

Inflation rise or fall linked to drought recovery

Inflation rise or fall linked to drought recovery

Economist Xhanti Payi says it's difficult to predict what's going to happen to inflation as drought continues to hit agriculture.

Popular articles
'People are in pain! They want to see AB play Test Cricket!' - Neil Manthorp

'People are in pain! They want to see AB play Test Cricket!' - Neil Manthorp

John Maytham interviews famed cricket correspondent Neil Manthorp.

Culprits spotted deliberately starting fires in the Cape

Culprits spotted deliberately starting fires in the Cape

Chief Fire Officer at Overberg District Municipality says arson is a problem they are all too familiar with.

Exasperated listener (and Kuga owner) recounts shocking service from Ford

Exasperated listener (and Kuga owner) recounts shocking service from Ford

It’s getting worse and worse for Ford, as this report of shocking service shows. John Maytham interviews a frustrated listener.