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The High Court in Bloemfontein will today hand down judgment in the preservation...

3 months ago SABC

The High Court in Bloemfontein will today hand down judgment in the preservation...

The High Court in Bloemfontein will today hand down judgment in the preservation order dispute involving controversial businessman Atul Gupta and the Bank of Baroda. The legal representatives for the businessman and the Gupta companies have argued that the High Court erred in granting a preservation order to freeze the assets of the bank and the ten-million-rand in his personal account. The preservation order relates to alleged multi-million-rand corruption at the Estina dairy project in Vrede which was meant for black farmers. The AFU and the Hawks raided the Vrede farm and government offices in Bloemfontein in January. Eight people have since been arrested and appeared in Bloemfontein Regional Court. The NPA argued that various deposits were made to the bank of Baroda from the Estina project and that the money left the account as soon as it was deposited. The NPA argued in court, the bank failed to keep proper records of their banking. In 2017 the Bank of Baroda received a fine of R11 million from the Reserve Bank. The court heard that the bank did not operate within the prescripts of the law.

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