BOB Threatens to Pull the Plug Off Financial Ties with the Gupta’s

Whole nation comes to a standstill when news broke on ANN7 stating BOB (bank of Baroda) cutting off Financial ties with the Gupta’s owned companies giving the reasons as substantial risks involved in providing banking services to the Gupta family and its applicants. While Guptas termed this as a invalid, irrational and unlawful decision based on speculative grounds which may put the financial interest of thousand of its employees in danger and decided to take the matter further in court against the bank.

BOB vs Gupta's

The bank said that the applicants are facing allegations of unlawful conducts including corruption and money laundering but guptas,on the other hand  feels  this is a conspiracy against them as they have never received any queries by the bank  seeking a clarification about the same allegations.

It was further quoted by the bank that they decided the same as they fear further reputational commercial risks out of the recent allegations against their clients but guptas said these concerns will be met after the court order. Though the bank says that they have given sufficient time to Guptas for account closure and making alternate plans,guptas replied that 23 days are just not at all enough to safeguard the jobs of thousands of employees and this is clearly unreasonable keeping in mind that almost every other bank had cut ties with them already and now there is a strong possibility that no employees, suppliers or debtors can be paid till another arrangement is made,

The bank, however seems likes ignoring the fact when they said that longer notice wont improve prospects of finding alternative banking services and said they also feared administrative sanctions from SARB(South African reserve bank).though guptas have said this as undue pressure being brought up in the bank. They further added that its unjustifiable limitation of applicant’s right to freedom of trade, occupation and profession. In reply, BOB said that if the applicant suffers prejudice, its not our fault.

This certainly comes as a shock for the whole country where the livelihoods of thousand of people is in danger and guptas are still trying their best to avoid their same by challenging the matter in court seeking sufficient time to manage alternate solution to their banking needs. It would be really interesting to see how the matter unfolds in the coming days.

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  • Audery Ngobeni

    Something smells fishy here. So for all these years when Gupta’s were in a respectable position in the country the BOB had absolutely no problem operating with them and suddenly right after the smear campaign by the white media surfaced the shriveled back. This reeks of intrigue and conspiracy.

    • Graciee

      you seem to have hit the nail on the head Audrey. The power-hungry wmc lobby doesn’t care about the citizens or whether they are unemployed as long as their greedy agendas are accomplished. It is unfortunate that so many people may lose their livelihood because of the fake propaganda by the pro-white camp.

  • Canisius Thobane

    The bank mentions ‘reputational damage’ for not working with them. What about the thousands of people who will lose their jobs because of this? Now anything can come under reputational damage. Does it imply that banks will autocratically rule over us with the media to function as per their interests and decide the fate of thousands of hardworking common people of our land?

  • Gloria Baqua

    This is a very shrewd decision by the bank. Unless ordered by the court, how can banks simply decide to not do business and hazard the jobs of thousand of hard working citizens? And what about the trust an ordinary citizen puts in the bank while depositing their hard-earned money in their accounts? Just goes to show how destructive for the country media trials can be.

  • Khomotjo Movundlela

    This unquestionably comes as a stun for the entire nation where the jobs of thousand of individuals is in risk,This is very harsh decision by banks Does it infer that banks will dictatorially govern over us with the media.

  • Thabo Felix

    I guess the pro-white camp will see this as a victory. It is mostly because of their constant slandering that led to the tarnished reputation of the Guptas and eventually to this preposterous decision by the bank. The wmc doesn’t care that so many citizens will lose their livelihood.

    • Vee Bamboo

      It is saddening to know that hundreds of people will lose their daily earning. That too for the selfish reasons of a bunch of greedy wmc lobbyists. BOB should conduct a proper investigation before implementing anything based on hearsay.

  • Graciee

    Are the banks really allowed to do this? Leave hundreds of people to fend for themselves? That too merely based on conjecture and false allegations put in place by the brainwashing wmc lobbyists. Is our country entering the dark times again?

  • Vee Bamboo

    This news makes me sad and cringe from within. Thousands losing jobs due to unproven smear strategies by the gluttonous white monopolists, who don’t give two hoots for the nation, its development or its citizens. I hope the bank does not go through with this. It will hit the already-failing employment sector hard.

  • Mapula Masilela

    vigorous spread of fake propaganda and virtual tarnishing of the reputation of the Guptas by the wmc has led to this. Now thousands will have no jobs and the white crooks will laugh at this predicament. They think it will help them gain economic power. It won’t.

  • Graciee

    I hope the Bank of Baroda establishment understands that the Guptas are being targeted by the wmc with their devious campaigns and foul play. I hope they do not take a drastic step. May result in not only jobs but also livelihoods and consequently, lives.

  • Thabo Felix

    This will be a huge setback to the country if it transpires. Hope BOB sees some sense and is not swayed by media shenanigans.

    • Vee Bamboo

      more than we can imagine. the wmc tarnished the image of the Guptas with their slanderous campaigns, which led to the banks distrusting them. And this is the end result. No proof but the innocent people losing their livelihood.

  • Jonkar

    Thousands losing jobs due to unproven smear strategies by the gluttonous white monopoly capitalists.