India’s 2nd largest bank closes accounts of Gupta-linked companies - Bloomberg

Bank of Baroda’s South African unit is in the process of closing accounts held by Gupta-linked companies, according to Bloomberg.

The Mumbai-based bank – India’s second largest – is cutting ties to the Gupta family to ensure compliance with banking rules.

Last year, South Africa’s four biggest banks closed accounts linked to the Guptas.

Earlier this year the Bank of China – fifth largest in the world and third largest in China – cut ties with a Gupta-linked manufacturer of steel products.

The Money Show’s Bruce Whitfield interviews EWN’s Stephen Grootes.

Listen to the interview in the audio below (and/or scroll down for quotes from it).

Nobody is willing to talk about his.

Stephen Grootes, EWN

The Guptas' lawyer Gert van der Merwe says he doesn’t know about it. Bloomberg, however, says it has three sources.

Stephen Grootes, EWN

Life is getting harder for the Gupta family and their operations.

Stephen Grootes, EWN

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Article brought to us by Old Mutual.


This article first appeared on 702 : India’s 2nd largest bank closes accounts of Gupta-linked companies - Bloomberg


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