On Thursday, the Pretoria High Court dismissed the Oakbay group of companies' application to stop the Bank of Baroda from closing its accounts.
The Indian-based bank intends cutting ties at the end of September. South Africa’s big four banks have already terminated business with the company.
Oakbay approached the court asking for an order to temporarily halt the closure until its main application is heard in court later this year.
Eyewitness News (EWN) reporter Barry Bateman has more on the story.
The main point that Judge Fabricius noted - he says that in our law there is no recognised cause of action for an interim interdict based on requirements other than those recognised in common law.— Barry Bateman, EWN reporter
Most importantly, he says the balance of convenience weighs heavily in favor of a party which seeks to uphold and preserve the integrity of the established financial system and rule of law.— Barry Bateman, EWN reporter
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This article first appeared on 702 : High Court dismisses Oakbay application to stop Bank of Baroda closing accounts