“The money was received through normal banking channels in a KYC compliant account. The amount was held from 6 May 2013 to 20 Sept 2013 and transferred back to the company account with Standard Bank of South Africa as per the instructions of the account holder. We are not aware of the subsequent use of the funds nor are we directly or indirectly connected with the use of the funds.”The development comes within weeks of Bank of Baroda announcing exit from South Africa. The exit from South Africa could also be linked to BoB being banker to the Gupta family of Indian origin who reportedly took undue advantage of their connections with the ousted South African president Zuma. The state prosecutor has alleged that public funds amounting to Rand 220 million were transferred to the company which landed in the pocket of Guptas.

Source: Economic Times March 02, 2018 16:18 UTC