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