Cape Town - Representatives from South Africa's major retail banks will testify before the judicial commission of inquiry into allegations state capture on why they decided to close the accounts of the controversial Gupta family.
In December 2015, as the Gupta family's private and business dealings took centre-stage in the media, ABSA became the first major bank to shut both the personal and business accounts of the family. They cited reputational risk as well as possible contraventions of banking regulations as the reason for the dramatic move. The other three major banks, FNB, Standard Bank and Nedbank, followed suit.
India's Bank of Baroda also severed ties with the Guptas in January this year after rumours surfaced accusing it's South African arm of laundering money on behalf of the family which enjoys close ties with former president Jacob Zuma.
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