Banks insist Oakbay’s call for Gordhan to intervene in its dispute is unlawful

Standard Bank says Oakbay's call for Finance Minister Pravin Gordhan to mediate its dispute with the banks is unlawful because it seeks executive intervention in the private affairs of the banks.

This argument was made among the submissions of Gordhan’s court action against Gupta-owned companies.

The Minister wants the court to declare that he cannot intervene in the fight between the Guptas and the big four financial institutions.

Between December 2015 and April last year, the banks cut ties with the family citing reputational risk.

Eyewitness News reporter Barry Bateman is attending the second day of court proceedings.

We then moved on to Absa where they said they have identified a contradiction in the position offered by Oakbay.

Barry Bateman, Eyewitness News reporter

They said that while Oakbay says that there is no dispute and they accept that the Minister is not permitted to interfere in the matter, they also claim that there is nothing wrong with asking the Minister.

Barry Bateman, Eyewitness News reporter

They say it’s impermissible that you can ask a public official to do something which you yourself acknowledge he is unauthorized to do.

Barry Bateman, Eyewitness News reporter

Nedbank raised the conundrum that if you concede that the minister cannot interfere than what exactly are you asking him to do?

Barry Bateman, Eyewitness News reporter

Click below to listen to the full report:


This article first appeared on 702 : Banks insist Oakbay’s call for Gordhan to intervene in its dispute is unlawful


Recommended

by NEWSROOM AI
Read More
Wits Nehawu members down tools over salaries

Wits Nehawu members down tools over salaries

Nehawu Wits acting secretary Tumisho Madihlaba says negotiations with management deadlocked resulting in a strike.

May the Fourth be with you, a celebration of Star Wars Day

May the Fourth be with you, a celebration of Star Wars Day

May 4 marks "May the Fourth be with you," Day celebrated by fans George Lucas' fans of his Star Wars global movie franchise.

"Jacob Zuma doesn't care about ANC and South Africa"

"Jacob Zuma doesn't care about ANC and South Africa"

Political analyst Prince Mashele says the ANC has to teach President Zuma a lesson if he reshuffles Cabinet to benefit himself.

Gordhan/Gupta legal battle could impact powers of Finance Minister

Gordhan/Gupta legal battle could impact powers of Finance Minister

Finance Minister wants the High Court to make a declaratory order that he cannot intervene in affairs of banks and Gupta family.

Guptas vs Gordhan – it’s open war!

Guptas vs Gordhan – it’s open war!

The Money Show’s Bruce Whitfield interviews Intellidex MD and Financial Analyst Stuart Theobald.

Gupta-owned companies want financial intelligence report struck from record

Gupta-owned companies want financial intelligence report struck from record

The FIC report in Minister Pravin Gordhan's court application shows 60 suspicious transactions linked to Gupta-owned companies.

Popular articles
‘We’d be crazy to copy! Sometimes we get it wrong. There's no culture problem'

‘We’d be crazy to copy! Sometimes we get it wrong. There's no culture problem'

The Money Show’s Bruce Whitfield interviews Ian Moir, CEO at Woolworths.

'R23 million for rent a month seems huge. I don't think we could've done better'

'R23 million for rent a month seems huge. I don't think we could've done better'

The Money Show’s Bruce Whitfield interviews Adrian Gore, founder and Group Chief Executive Officer at Discovery Limited.

[VIDEO] Muizenberg pedestrian attacked in broad daylight

[VIDEO] Muizenberg pedestrian attacked in broad daylight

A woman was attacked on her way to work earlier this month.

'Bring back skilled engineers to Eskom' - Solidarity

'Bring back skilled engineers to Eskom' - Solidarity

Trade Union Solidarity says it supports Pravin Gordhan's idea that technicians who used to work for Eskom should be brought back.

Criminals targeting homes with aluminium windows, warns neighborhood watch

Criminals targeting homes with aluminium windows, warns neighborhood watch

The Panorama, Welgelegen and Plattekloof Neighbourhood Watch has identified a new house break-in trend.