We will absolutely not be meeting Oakbay Investments (Pty) Ltd 

25 April 2016

Nazeem Howa, the Chief Executive Officer of Oakbay Investments (Pty) Ltd, wrote to Mmusi Maimane, the Leader of the Opposition, on 21 April 2016, requesting a meeting. 

Unsurprisingly the purpose of the meeting would have been to request assistance in appealing to the banks to review their decision to terminate their business relationship with Oakbay Investments (Pty) Ltd. 

It goes without saying that the request for the meeting was inappropriate and there will be no meeting with anybody from Oakbay Investments (Pty) Ltd. 

We have been clear:

it is wrong of the Minister of Finance, Pravin Gordhan, the Minister of Labour, Mildred Olifant, and the Minister of Mineral Resources, Mosebenzi Zwane, to be intervening, on behalf of the Guptas, in business decisions taken by the Banks; and that this matter is best left to the South African Reserve Bank which is responsible for the regulation of the banking industry in South Africa. 

The real question is not why the Banks terminated their relationship with the Guptas, the real question is why the Banks took so long to terminate their relationship with the Guptas. 

And, for that reason, I have requested the Governor of the Reserve Bank of South Africa, Lesetja Kganyago, to look into this matter, including: 

investigating whether certain banks, who had business relationships with the Guptas, complied with all the relevant provisions of the Financial Intelligence Centre Act (No. 38 of 2001); and

if the investigation determines that certain banks failed to comply, to order any appropriate remedial action or administrative sanctions. 

Issued by David Maynier, DA Shadow Minister of Finance, 25 April 2016