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 at least R1.75 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 largest banks have all cut their ties to the controversial family.
The ruling means that the Guptas won’t be able to send the money in those trust accounts out of South Africa.
Ray White (in for The Money Show’s Bruce Whitfield) interviewed Outa Chief Operating Officer Ben Theron.
Listen to the interview in the audio below (and/or scroll down for quotes from it).
A portion of a miner’s revenue must be put into a fund to make sure there is money to do rehabilitation.— Ben Theron, Outa
The money doesn’t belong to the Guptas. It belongs to South Africans…— Ben Theron, Outa
…the trust has been used illegally…— Ben Theron, Outa
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