Judicial oversight required to close Oakbay bank accounts says finance professor

Prof Robert Vivian, Professor of Finance and Insurance at the University of the Witwatersrand, has expressed concern over bank account closures of Oakbay Investments without any judicial oversight.

First National Bank, Absa, Standard Bank and Nedbank severed ties with Gupta-owned company, Oakbay Investments, amid a furore over the business family allegedly capturing the state.

702's Stephen Grootes (standing-in for John Robbie) spoke to Professor Vivien about his concerns.

Listen to the interview below:

The banks are not normal institutions, they are a payment system. If anybody is locked out of that system, there is nothing they can do.

Prof Robert Vivian, University of Witwatersrand

It is very important to ensure that when people are put out of the system, that there is a good reason for that.

Prof Robert Vivian, University of Witwatersrand

What we are seeing with the Guptas is very rare. Banks kick individuals out of the system, but not a trading companies which employ 4700 people.

Prof Robert Vivian, University of Witwatersrand

The infamous family, who are alleged to have undue influence on President Jacob Zuma, have denied claims that they benefited from their close relationship with the president.

The state's job is to stop criminals, it's not the private sector's job. What we have to start doing is isolating the role of the state and the role of the private sector.

Prof Robert Vivian, University of Witwatersrand

The issue here is not the Guptas, the issue here is one of principle.

Prof Robert Vivian, University of Witwatersrand

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