JOHANNESBURG (miningweekly.com) – The Organisation Undoing Tax Abuse (Outa) plans to bring about an urgent interdict against the Bank of Baroda to freeze the R1.75-billion held in the Gupta-owned Optimum and Koornfontein coal mines’ rehabilitation trust fund accounts.
The group on Thursday said in a statement that the interdict was being filed in the Pretoria High Court, following the dismissal of Gupta-owned investment holding firm Oakbay’s application to stop the Bank of Baroda closing their accounts.
The interdict application is expected to be heard within the next few days.
“We want to ensure that this money doesn’t leave the country or find its way into the Gupta family’s pockets,” Outa COO Ben Theron said.
“We started to close the taps on the Guptas’ finances in July by taking action against their banks. Recent actions by the Bank of Baroda seem to indicate that [it is] serious about continuing to do business in South Africa, but if it’s serious about cleaning up shop, we trust that it will not attempt to oppose our interdict,” he said.
The funds are meant to rehabilitate environmental damage in and around the collieries, added Outa water and environment portfolio manager Julius Kleynhans, pointing out that the Mineral and Petroleum Resources Development Act and the National Environmental Management Act dictate that the funds in mine rehabilitation trusts not be used for purposes other than managing the environmental damage caused by mining activities.