Government sets up team to resolve Oakbay, banks standoff

Government sets up team to resolve Oakbay, banks standoff
An entrance to the ANN7 Television and The New Age newspaper offices, owned by the Gupta family, is seen in Midrand, Johannesburg, South Africa, April 14, 2016. REUTERS/Siphiwe Sibeko

South Africa has set up a team of ministers to resolve the stand off between banks and Oakbay Investments, the Minister in the Presidency Jeff Radebe said on Thursday.

Oakbay Investments was ostracised by all four major banks in recent weeks amid allegations that its owners, the Gupta family, had undue political influence with President Jacob Zuma.

Source – Reuters

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