Mosebenzi Zwane tried to stop Standard Bank from closing Gupta accounts

Standard Bank’s retired head of legal, Ian Sinton, continued his testimony on Monday at the commission of inquiry into state capture.

Sinton implicated former minister of mineral resources Mosebenzi Zwane in an attempt to convince the bank to reverse its decision to close Gupta business accounts.

The bank closed the accounts following media reports on allegations that the controversial Gupta brothers had allegedly bribed and offered ministerial positions to certain individuals, including former deputy minister of finance Mcebisi Jonas.

Sinton testified that following the bank’s decision to end its relationship with the Gupta family, the governing party requested to meet with the bank to discuss this decision.

READ MORE: Media reports the main reason Standard Bank kicked Guptas to the kerb

At the meeting, the bank was questioned as to whether it was part of white monopoly capital and had taken the decision to end the relationship with the Gupta family because it sought to stifle black-owned businesses, Sinton said.

Current ANC national chairperson Gwede Mantashe, who was the secretary-general of the governing party at the time, current deputy secretary-general Jessie Duarte and Enoch Godongwana were part of the meeting, Sinton said.

READ MORE: Banks to tell state capture commission why they cut ties with Guptas

The meeting between the bank and the ANC was followed by one with an inter-ministerial committee constituted of members of the cabinet, Sinton said.

That meeting, he said, included Zwane, Mildred Oliphant and vocal supporter of the Gupta family and then president Jacob Zuma, as well as Mzwanele Manyi, who was described as an adviser to the ministers, Sinton alleged.

Zwane, Sinton said, proposed that as a member of the governing party and a minister he had the ability to change the law to make it illegal for banks to close the accounts of clients.

The former minister of mineral resources would call for a judicial investigation into banks in response to their refusal to continue doing business with the Gupta family following the meeting.

The presidency later distanced government from the comments Zwane made on the work of the inter-ministerial task team, established to consider the implications of the decisions of certain banks and audit firms to close down the accounts and withdraw audit services from Oakbay Investment.

A statement released by then president Zuma’s office at the time said Zwane had made the comments in his personal capacity.

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