SACP supports banks's withdrawal from Gupta-owned company

The SACP's Jeremy Cronin says this was a precautionary move by the four main banks.

Jeremy Cronin and Blade Nzimande at an SACP briefing. Picture: Stephen Grootes/EWN.

Stephen Grootes | a day ago

JOHANNESBURG - South African Communist Party (SACP)'s Deputy General Secretary Jeremy Cronin says the party supports the decision of South Africa's four main banking groups, to withdraw their services from companies owned by the Gupta family.

Cronin says the banks have done the right thing by ending their relationships with companies owned by the Gupta family.

"The withdrawal of the services should not be seen as some imperialist plot as being alleged in certain quarters. We are saying it's a precautionary move on the part of the bank, but also the stockbroker and KPMG."

In March, investment bank Sasfin said it had decided to cut links with Gupta mining firm Oakbay Resources and Energy two days after a newspaper suggested they may have had a hand in President Jacob Zuma's sacking of finance minister Nhlanhla Nene in December.

Sasfin's relationship with Oakbay will formally end on 1 June, a Sasfin spokeswoman said.