JOHANNESBURG – Cabinet will be asking President Jacob Zuma to set up a judicial inquiry into action on Gupta-linked companies.
The country’s four major banks dropped Gupta-linked companies when allegations surfaced of the family’s involvement in government affairs.
The government set up an inter-ministerial committee chaired by Mineral Resources Minister Mosebenzi Zwane to investigate Nedbank, Standard Bank, FNB and Absa.
The committee found that the banks had failed to protect the rights of the Guptas.
Zwane says the committee will also be investigating the current mandates of the Banking Tribunal as well as the Banking Ombudsman.
The announcement comes as investor confidence in South Africa appears to be free-fall.