Outa wins interdict against Bank of Baroda

The Organisation Undoing Tax Abuse (Outa) has won an interdict against the Bank of Baroda to freeze the rehabilitation trust fund accounts of Gupta-owned mines, worth nearly R2 billion.

The High Court in Pretoria has granted the interdict just days after it dismissed an application by several Gupta-owned firms to stop the Indian-based bank from closing its accounts, which is expected to happen at the end of September.

South Africa's big four banks have already cut ties with the controversial family.

Outa's Ben Theron says the ruling means Gupta mining trust accounts will be prevented from leaving South Africa.

We have finally now taken the Guptas on and we have frozen R1.75 billion that is meant for the rehabilitation for the mines - specifically the Optimum Mine and the Koornfontein Mine.

Ben Theron, Outa chief operating officer

Outa is very proud of the victory says Theron.

That means the South African taxpayer does not have to cover the costs for rehabilitation.

Ben Theron, Outa chief operating officer

But is the money still available?

We have an agreement with the Bank of Baroda, the Gupta family and the mining minister...whatever money is left in the account will be safeguarded until the hearing on 8 and 9 December.

Ben Theron, Outa chief operating officer

Outa say they were unable to get a figure of money remaining in the account.

Theron says there is little chance of losing the December hearing.


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