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Legal precedent favours banks and others that ‘fired’ Guptas as clients

7 April 2016 6:27 PM
Can a bank pull the plug on a client for reputational risk? The Bredenkamp vs Standard Bank case suggests it can.

Can a bank pull the plug on a client for reputational risk?

What are the consequences of the Bredenkamp vs Standard Bank case?

The Money Show’s Bruce Whitfield interviewed Shaun Read, Director of Read Hope Phillips Attorneys.

Scroll down for quotes from the audio below.

The Court found that the bank has a right to protect its reputation and the right not to do business with someone that could threaten its reputation.

Shaun Read, Director of Read Hope Phillips Attorneys

There’s no law that says you have the right to financial services.

Shaun Read, Director of Read Hope Phillips Attorneys

The Guptas have a range of foreign banks they can utilise. They’re not limited to South African banks.

Shaun Read, Director of Read Hope Phillips Attorneys

7 April 2016 6:27 PM