File image: Businessmen chat in front of a Standard Bank logo in Sandton outside Johannesburg. (Reuters).

CAPE TOWN - Standard bank has refuted claims that they intend on mending relationships with eight Gupta-linked companies undergoing business rescue.

A weekend newspaper reported that the bank had allegedly agreed to take over deposits from business rescue affairs and the Bank of Baroda, giving the impression that Standard Bank was in fact ending an almost two-year boycott of the controversial family's business interest by the South African banking sector.

Standard Bank spokesperson, Ross Linstrom was emphatic in his response to the reports.

“This decision still stands and has not been reviewed”, said Linstrom. 

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He added that Standard Bank had not opened and will not open accounts linked to the eight companies.

"Notably, the impression that the group would enter into business with Gupta-affiliated companies was created by a Standard Bank employee that was acting out of mandate", said Linstrom. 

"Communication between the employee and the Business Rescue Practitioner was not authorised and did not follow the internal processes of the bank". 

He said that a disciplinary procedure is currently underway. 

Ajay Gupta. File Image: IOL

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- BUSINESS REPORT ONLINE