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PRESS RELEASE — For Immediate Release

April 6th, 2016

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350Africa urges Nedbank to do the right thing and cut its R500 Million loan to Gupta’s Optimum Mine.

Johannesburg- First National Bank has joined Sasfin and Absa to dump Gupta owned Oakbay Investments by closing the company’s bank accounts.[1] This follows controversies surrounding the family’s business operations in the country accompanied by growing calls for investigations into tender processes. [2] calls on Nedank to do the same and ‘Make Things Happen’ by pulling the R500-million loan out of Optimum coal. “In the interest of fighting corruption and dirty coal deals we are urging Nedbank to put its money where its mouth is and consider the  long term factors that influence social and environmental impacts” said Ahmed Mokgopo Divestment Campaigner.

The relationship between the Guptas and President Jacob Zuma has become a point of controversy. Intensified by notions of a presidential capture in public discourse which has resulted in bolder action by public, civil society and the private sector to act more decisively in undermining the legitimacy of the president’s relationship with the family.

“These decisive actions show South Africans that it is possible to make the right choices. It is shocking that Nedbank, as a green bank, has been last to act on the deals with the Guptas and more importantly to act against corruption in the energy sector’’ continued Mokgopo.

A just transition to socially owned renewable energy is possible. “Nedbank we urge you to lead the way in ending our dependence on coal and dirty deals. If other financial institutions can pull out, why not you” said Lerato Letebele, communications manager.




Notes to editor

[1] FNB dumps Oakbay Investments

[2] More financial services firms cut links with Gupta firm

CONTACT: +27 11 339 1035

Lerato Letebele;;  +27 76 562 4895

Ahmed Mokgopo;;  +27 79 916 8918