Streaming issues? Report here
Richard Nwamba 702 Gradients Richard Nwamba 702 Gradients
This is Africa with Richard Nwamba
18:00 - 20:00
volume_up
volume_mute

Up Next: Best of 702
See full line-up
This is Africa with Richard Nwamba
18:00 - 20:00
Home
arrow_forward

China’s 3rd largest bank ditches Gupta-linked Denel supplier

3 February 2017 12:11 PM

The Bank of China – owned by the Chinese government – has closed the accounts of steel maker VR Laser due to "perceived political risk".

The Bank of China has closed the accounts of VR Laser, a company that supplies steel products to state-owned arms maker Denel.

This comes after it failed to carry out the bank’s demand that VR Laser dump the Guptas as shareholders.

The Bank of China is China’s third largest bank, and the fifth largest in the world by market capitalisation.

It is 64% owned by the Chinese government’s sovereign wealth fund.

(For more detail; read BusinessLIVE’s full account.)


3 February 2017 12:11 PM

Recommended