The Cabinet deploys ministers to find out why banks closed Oakbay accounts

Cabinet has decided to deploy ministers of finance, labour and mineral resources to meet and interact with the four banks that have cut ties with Oakbay Investments.

Absa, FNB, Nedbank and Standard Bank stopped providing their services to Oakbay following the allegations that the Gupta family, co-owners of the company, are involved in the ministerial appointments.

Xolani spoke to Gaye Davis, EWN reporter, following the story in parliament.

The cabinet's statement says this move [by banks] might deter future potential investors wanting to do business in South Africa.

Gaye Davis, EWN reporter

The minister was quite clear that this is not about bullying banks. He said he doesn't think banks can be bullied, they are full of big boys and girls.

Gaye Davis, EWN reporter

He is insisting that it's not an investigation in to what banks have decided, it's just about finding information.

Gaye Davis, EWN reporter

Listen to the conversation between Xolan and Gaye below.


702 welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the 702 community a safe and welcoming space for all.

702 reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

702 is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
10 business tips to boost you through a tough economy

10 business tips to boost you through a tough economy

Business growth specialist, Pavlo Phitidi tracks down previously profiled businesses and advises them on their next level growth.

Zuma lashes out at 101 ANC stalwarts in policy conference opening salvo

Zuma lashes out at 101 ANC stalwarts in policy conference opening salvo

President Zuma went 'off script' on Friday when he castigated his detractors saying many denied being on the 101 stalwarts list.

Explore the magic of Madeira at the Caravela Portuguese Festival

Explore the magic of Madeira at the Caravela Portuguese Festival

This weekend, all roads lead to the magical Madeira Day festivities at Montecasino.

"Whackhead" Simpson's song about Carl Niehaus was one of Redi's faves

"Whackhead" Simpson's song about Carl Niehaus was one of Redi's faves

In 2009 Carl Niehaus was forced to step down as ANC national spokesperson after fraud allegations surfaced.

"Our interpretation of sleeping around is sleeping around"

"Our interpretation of sleeping around is sleeping around"

A throwback to Floyd Shivambu talking about Helen Zille during his ANCYL days, interrogated by Redi Tlhabi in 2009. #FarewellRedi

Mr. Tlhabi bids Mrs Tlhabi farewell on her last radio show #FarewellRedi

Mr. Tlhabi bids Mrs Tlhabi farewell on her last radio show #FarewellRedi

Brian Tlhabi says his wife, Redi Tlhabi makes him super happy and continues to wish her the best with her future endeavours.

Popular articles
Dr Mbuyiseni Ndlozi opens up about his thesis

Dr Mbuyiseni Ndlozi opens up about his thesis

Ndlozi explains the significance of the the first chapter of his thesis: 'Trauma in the archives'.

German prosecutors probing Steinhoff CEO Markus Jooste (for accounting fraud)

German prosecutors probing Steinhoff CEO Markus Jooste (for accounting fraud)

The Money Show’s Bruce Whitfield interviews Steinhoff International Chairperson Christo Wiese.

So what exactly is radical economic transformation?

So what exactly is radical economic transformation?

Wits associate professor of economics Christopher Malikane speaks to Azania Mosaka about the term that is being bandied about.

Is it normal to have a curved penis? Dr Shingai explains

Is it normal to have a curved penis? Dr Shingai explains

Urologist Dr Shingai Mutambirwa says penile curvature is only a concern if it impedes a man's ability to have penetrative sex.

Who is Advocate Tembeka Ngcukaitobi?

Who is Advocate Tembeka Ngcukaitobi?

The EFF lawyer stole the show during the state capture report court battle.

3 easy questions could bag you R2000!

3 easy questions could bag you R2000!

WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...

Blesserfinder: Matching you with a sugar daddy near you

Blesserfinder: Matching you with a sugar daddy near you

Is social trend Blesserfinder, where girls are allegedly matching up with rich 'benefactors' in exchange for sex, a real thing?