Nedbank to cut its ties with Bank of Baroda

Oakbay Investments director Ronica Ragavan argues in her founding affidavit that Makgoka had ordered that Baroda could not limit the banking of these companies.

Baroda disputes Ragavan’s interpretation of Makgoka’s judgment. It says the order did not prevent it from closing down operations.

Baroda announced in January it was closing down its South African branches after its parent company in India decided to downscale global operations.

Jha said more than R100-million in various accounts belonging to the Gupta family‚ their associates and companies – that was frozen by the National Prosecuting Authority (NPA) Asset Forfeiture Unit (AFU) – would be placed in a trust with Standard Bank. This money is in relation to the Estina dairy farm.

He added that other money‚ that included the R2-billion Optimum and Koornfontein rehabilitation funds that were also frozen‚ would also be placed in the trust account.

The urgent application is set down to be heard on Thursday.

– Additional reporting by Kyle Cowan

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