China’s 3rd largest bank ditches Gupta-linked Denel supplier

The Bank of China has closed the accounts of VR Laser, a company that supplies steel products to state-owned arms maker Denel.

This comes after it failed to carry out the bank’s demand that VR Laser dump the Guptas as shareholders.

The Bank of China is China’s third largest bank, and the fifth largest in the world by market capitalisation.

It is 64% owned by the Chinese government’s sovereign wealth fund.

(For more detail; read BusinessLIVE’s full account.)


This article first appeared on 702 : China’s 3rd largest bank ditches Gupta-linked Denel supplier


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