South Africa's Finance Minister Malusi Gigaba.

Pretoria - Finance Minister Malusi Gigaba issued a brief statement on Friday saying he "accepts and respects" the North Gauteng High Court order, made by Pravin Gordhan, seeking declaratory relief against the Guptas, and he would not appeal the decision.

We will abide by the court judgment,” Gigaba’s spokesperson Mayihlome Tshwete told Fin24 on Friday. “The minister will not appeal the ruling.

Treasury then said in a statement: “The minister of finance accepts and respects today’s High Court judgment on Oakbay and will not appeal it. The Minister will abide by the court judgment.”

Gordhan's application had inflicted further damage on the image of the Guptas as the former minister filed documents that disclosed that the Financial Intelligence Centre had red-flagged transactions linked to the family's businesses worth R6.8 billion.

Read Also: BREAKING: Gordhan loses declaratory case against Oakbay, Guptas

Gordhan submitted that he had been hounded by Oakbay Holdings to use his political influence to persuade banks not to shut their accounts.

In its arguments, Oakbay conceded the point that the minister could not or was not obliged to intervene in the matter, which left the Guptas' business operations without local banking facilities.

Gordhan, as finance minister, blocked at least one venture between a state-owned entity and business associates of the Gupta family, and demanded the investigation of other contracts between the state and their companies.

- AFRICAN NEWS AGENCY

-ADDITIONAL REPORTING BY FIN24