Almost 20 South African companies linked to the Gupta family have lost a court bid to have India’s Bank of Baroda, the last lender doing business with the firms, maintain its operations in the country, local news service Eyewitness News said.
Baroda’s South African division was thrust into the spotlight two years ago when it agreed to take on the Guptas after South Africa’s major banks turned their back on the family’s businesses due to reputational risks.
Baroda said a month ago that it had pulled the plug on its South African business, citing a strategic shake-up to slim down in international markets.