Johannesburg - South Africa's commercial banks are this week expected to give evidence at the commission of inquiry into state capture on why they decided to shut down business accounts linked to the controversial Gupta family.
As the dark cloud gathered around the family and their associates, the country's four major banks - Absa, FNB, Standard Bank, Nedbank - cut ties, citing reputation risk and possible breach of banking rules. Absa was the first to shut down the accounts in December 2015.
India's Bank of Baroda followed suit in January this year after allegations surfaced that the bank's South Africa's branch laundered money on behalf of the fugitive family.
The move by the banks angered supporters of former president Jacob Zuma - who enjoyed close ties with the family - accusing banks of trying to shut down legitimate black-owned businesses.
Earlier this year, the Organised Crime and Corruption Project released a report which found that, among other misdemeanours, officials at the Bank of Baroda deliberately suppressed employees’ reports of questionable Gupta-related transactions, so that regulators would not be made aware of them.