ONE of South Africa’s largest banks, Standard Bank, contradicted comments by the business rescue practitioner responsible for resuscitating mining properties owned by the Guptas that it had opened a bank account for the family’s companies.
Enabling the mining companies to ‘trade’ again was said by business rescue practitioner Louis Klopper to be important to getting the mines – including Optimum Coal Mine – back on their feet. He said this had been achieved, according to a report by BusinessLive, but the publication also published comments by Standard Bank’s spokesperson, Ross Lindstrom, saying this was not so.
The mines employ roughly 3‚000 people‚ most of whom went on strike when salaries were not paid on February 25, said BusinessLive. Crucially, Optimum, as well as Koornfontein and Brakfontein are important suppliers of coal to Eskom, the power utility, without which generating capacity would eventually decline.
“Standard Bank of SA has not opened and will not open accounts with these companies. Any impression created to the contrary was created by an employee that was acting out of mandate,” said Lindstrom in a statement. “Communication between the employee and [Klopper] was not authorised and did not follow the internal processes of the bank. Disciplinary procedures are currently under way.”
