#StateCaptureInquiry: Standard Bank questioned on closing Gupta accounts

"I would regard that as quite unfair, An argument may be put up on various grounds but I would have thought, unless you are dealing with an emergency situation where there is no time to wait for an explanation because you've got to act promptly. 

"Unless you have that kind of situation, I would have thought that the bank would suffer no prejudice by saying - let's just hear hat he has to say then make a decision after that," he said. 

Group Chief Compliance Officer at Standard Bank, Ian Sintin is testifying at the Zondo Commission of Inquiry into State Capture.

He says they closed the Gupta accounts as there was risk if they continued doing business with them - adding there were red flags on the accounts.

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Sintin says they were never obligated to give reasons for the closure of the accounts.

"Just like a customer can unilaterally terminate his contract with the bank, the bank can unilaterally terminate its contract with the customer. The bank is not performing an administrative or judicial function in simply saying as your bank - I have a contractual right to terminate. I worry that you are exposing me to criminal conduct which I'm not prepared to risk," Sintin said.

The Zondo Commission of Inquiry has also heard how Standard Bank bosses were summoned to Luthuli House after the bank closed accounts of Gupta businesses.

Sintin has told the commission that at the time, they believed that the meeting with the ANC was out of the ordinary.

"In our meeting with the ANC, we were asked to comment on the allegation that we were part of 'white monopoly capital' and closing the accounts was a campaign of ours to drive black people out of business in South Africa," We dealt with that in the meeting but I asked - what basis did they come to the conclusion of accusing us of being part of this conspiracy?," Sintin said.