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.


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