On some days, they filed as many as half-a-dozen SARs related to the Guptas’ transactions. But this relationship made it possible for the two banks to shift responsibility for the Guptas’ transactions to each other. On April 11, 2016, the Guptas informed Glencore that they were 600 million rand ($48 million) short of the sale price. South African banks had declined to lend to Tegeta, by then already perceived as a Gupta-Zuma scheme. Meanwhile, Eskom is so financially strapped that it has sought steep increases in electricity tariffs for South African consumers.

Source: The Hindu February 26, 2018 19:37 UTC