FNB, Absa to testify at State Capture inquiry

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Representatives of Absa and FNB will testify before the Commission of Inquire into State Capture when it resumes in Parktown, Johannesburg on Tuesday morning.

On Monday Standard Bank general counsel Ian Sinton told the commission that in May 2016 he and other bank representatives were invited to a meeting to discuss reconsidering their decision to close the accounts that belonged to the Guptas.

Stinton said the meeting was called by the Inter-ministerial Committee chaired by the then Mineral Resources Minister Mosebenzi Zwane.

Cabinet established the committee to consider allegations that financial institutions including certain banks allegedly acted unilaterally and colluded to close the accounts.

Sinton said Zwane, Labour Minister Mildred Oliphant and Mzwanele Manyi, who was an advisor to the committee, were present at the meeting. He said when they tried to explained that the bank risked contravening the law by reopening the accounts, Zwane said he had the power to change the law.