Today's Labour News

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OakbayBusinessLive reports that in a victory for the Gupta family, the High Court in Pretoria has temporarily interdicted the Bank of Baroda from closing 20 Gupta-linked bank accounts pending the final outcome of their main application.  

The companies approached the court in September in a bid to have the date of the main application, which was meant to be heard in December, brought forward.  Judge Tati Makgoka on Monday ordered that the bank not deactivate or close the accounts of the companies in the meantime.  He also ordered that the Gupta companies lodge their final application within 15 days of his judgment.  The companies are arguing that the closing of the accounts will have dire consequences for the people they employ.  Last week, Oakbay’s third-party payment provider Terbium Financial Services pulled out of doing business with the family’s company, citing "sensitivities and conflicts of business interests".  Three others — Smart City Innovations, The White Lion and Option Rainbow Maritime — do not seem to be registered with the relevant bodies.

  • Read this report by Genevieve Quintal in full at BusinessLive


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