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

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.)


Recommended

by NEWSROOM AI
Read More
Hate plastic? Grocer Nude Foods doesn’t have any of it! It’s also cheaper…

Hate plastic? Grocer Nude Foods doesn’t have any of it! It’s also cheaper…

The concept is not new, or a hipster fad. The Money Show’s Bruce Whitfield interviews Nude Foods founder Paul Rubin.

'Motsoaledi won’t collapse private coverage, but he will harm its quality'

'Motsoaledi won’t collapse private coverage, but he will harm its quality'

The country is poised to make history. Bruce Whitfield interviews Prof Alex van den Heever of the Wits School of Governance.

Why Ethiopian Airlines (not SAA) is Africa's biggest and best airline

Why Ethiopian Airlines (not SAA) is Africa's biggest and best airline

State-owned (but not managed) Ethiopian Airlines is profitable. Bruce Whitfield interviews Africa correspondent Lee Kasumba.

Living together, but not married? Tips on arranging your finances…

Living together, but not married? Tips on arranging your finances…

Personal financial advisor Warren Ingram has advice on keeping the money side of the relationship healthy when shacking up.

South Africa’s draft Mining Charter 3 for dummies (highly intelligent ones)

South Africa’s draft Mining Charter 3 for dummies (highly intelligent ones)

The Money Show’s Bruce Whitfield interviews Strata Legal (Pty) Ltd Director Brandon Irsigler.

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

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

Can a bank pull the plug on a client for reputational risk? The Bredenkamp vs Standard Bank case suggests it can.

Popular articles
Why the PAC wants South Africa renamed Azania

Why the PAC wants South Africa renamed Azania

Pan Africanist Congress's Narius Moloto explains why it supports the name Azania, a word which he says has Arabic origins.

Is the lovable Winnie The Pooh a boy or girl?

Is the lovable Winnie The Pooh a boy or girl?

A trending Twitter debate has left social media users arguing over whether Winnie the Pooh is a girl or boy.

UPDATE: Chilling WhatsApp from Marli van Breda's ex-boyfriend read out in court

UPDATE: Chilling WhatsApp from Marli van Breda's ex-boyfriend read out in court

Marli van Breda's ex took the stand in the trial of triple murder accused Henri van Breda.

Douw Steyn is one of Africa’s richest (yet you may not have heard of him)

Douw Steyn is one of Africa’s richest (yet you may not have heard of him)

Bruce Whitfield interviews Forbes Africa's Chris Bishop to find out more about this lesser known South African billionaire.

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?