Gupta firms lose bid to have bank Baroda remain in South Africa

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JOHANNESBURG (Reuters) – A group of almost 20 South African companies linked to the Gupta family have lost a court bid which sought to have India’s Bank of Baroda, the last lender doing business with the firms, maintain operations in the country, court documents showed on Monday.
Baroda’s South African division was thrust into the spotlight two years ago when it agreed to take on the Guptas after South Africa’s major banks turned their back on the family’s businesses.

Baroda said a month ago that it had pulled the plug on its South African business, citing a strategic decision to slim down in international markets. [nL8N1Q228U]

The Guptas, a trio of India-born brothers, have been accused by the South African public anti-graft watchdog of using their friendship with former president Jacob Zuma to influence policy decisions. Zuma and the Guptas deny any wrongdoing. [nL8N1PK3JR]
Baroda’s South African division was thrust into the spotlight two years ago when it agreed to take on the Guptas after South Africa’s major banks turned their back on the family’s businesses.

Baroda said a month ago that it had pulled the plug on its South African business, citing a strategic decision to slim down in international markets. [nL8N1Q228U]

The Guptas, a trio of India-born brothers, have been accused by the South African public anti-graft watchdog of using their friendship with former president Jacob Zuma to influence policy decisions. Zuma and the Guptas deny any wrongdoing. [nL8N1PK3JR]

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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