October 16, 2018

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Gupta firms lose bid to have bank Baroda remain in South Africa (Reuters)

Gupta firms lose bid to have bank Baroda remain in South Africa (Reuters)

A group of almost 20 South African companies linked to the Gupta family have lost a court bid which sought to have India’s Bank of Baroda, the last lender doing business with the firms, maintain operations in the country, court documents showed on Monday.

Baroda’s South African division was thrust into the spotlight two years ago when it agreed to take on the Guptas after South Africa’s major banks turned their back on the family’s businesses.

Baroda said a month ago that it had pulled the plug on its South African business, citing a strategic decision to slim down in international markets. Read more

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