SA banks kowtowed to ANC on Gupta bank account closures

Dr Lumkile Mondi from the Wits School of Economics and Finance says it remains "shocking and very disappointing" that three of the four CEOs of major banks bowed to political pressure and went to meetings at the ANC's Luthuli House. This after being summoned to explain their Gupta bank account closures in mid-2016. The so-called Big Four - Standard Bank, Nedbank, FNB and Absa - unbanked the Gupta family and their business entities citing reputational risk. Chief Justice Raymond Zondo's report dealing with the matter has made interesting recommendations about financial institutions' ability to drop a person or business as a client without due consideration. BizNews editor Michael Appel spoke to Mondi about Zondo's recommendation for a change in banking legislation to ensure "a requirement of fairness". Also, Mondi says our current Finance Minister Enoch Godongwana has a lot to answer for regarding his conduct at the time. Learn more about your ad choices. Visit megaphone.fm/adchoices