The Standard Bank of South Africa Limited elected in April 2016 to terminate all dealings with the Gupta family and all entities controlled by it with effect from June 2016. This decision still stands and has not been reviewed. Standard Bank of South Africa Limited 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. Communication between the employee and the Business Rescue Practitioner was not authorised and did not follow the internal processes of the bank. Disciplinary procedures are currently underway.
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