Oakbay Investments, a company controlled by the Gupta family, said FirstRand Ltd.’s First National Bank unit closed its company accounts, about three months after Barclays Africa Group Ltd.’s Absa unit did the same.
“Oakbay has received no reason whatsoever justifying FNB’s actions,” Oakbay said in an e-mailed statement. The group is moving its banking operations to another institution, it said.
The Gupta family, friends of South African President Jacob Zuma, are being investigated by the ruling African National Congress and the state graft ombudsman over claims of undue influence over the state. They have denied any wrongdoing.