Johannesburg - Two multinational financiers turned down the controversial Gupta family when it wanted to buy an aircraft, the South Gauteng High Court heard on Friday.
The Guptas eventually leased the plane from British company Stoneriver in 2015 for £41-million (about R490-million).
Owen Cook SC, representing Gupta-owned companies Oakbay Investments and Westdawn Investments, said Export Development Canada (EDC), which financed the deal, was notorious for bankrolling dodgy deals.
"This is a face-saving exercise by the EDC," Cook said.
He did not name the two multinational financiers.