By BO Staff Writer
The chief executive officer (CEO) of Bank of Baroda’s South African unit, Sanjay Agarwal, died from a heart attack last week. The Bank of Baroda took over most of the banking functions of the partly Gupta-owned businesses under the Oakbay stable, after the white-owned South African banking cartel unlawfully shut down all Oakbay accounts.
Without the Bank of Baroda chipping in, Oakbay would have been totally incapacitated from doing business.
In manoeuvres that insiders claim were the revenge of the South African Reserve Bank (SARB) aimed at squeezing Oakbay out of business on behalf of the South Africa white owned banks, SARB launched sustained attacks on the Bank of Baroda, making the life of its CEO impossible.
SARB literally camped at the Bank of Baroda in the most intrusive and unprecedented way. The strategy of SARB was to make impossible and irrational demands on the CEO of the bank. It seems these assaults by SARB finally took his life.
Among the irrational actions by SARB are the following:
1. The SARB team made an unscheduled visit of the Branch and stayed for 2-3 weeks looking in detail at various accounts, with special emphasis on those relating to the Oakbay Group;
2. Various transactions were scrutinized in these accounts. A number of transactions which were carried out in normal course of business through proper banking channels were probed unnecessarily to harass;
3. Supporting documents were asked for each and every transaction – like payment to creditors or loans to Group companies etc. in day to day operations which took a lot of time in getting them from the account holders, disrupting normal business;
4. The SARB apparently forced Nedbank, whose platform Baroda uses for interbank transactions, to stop crediting the funds coming into the accounts of Oakbay Group companies from other banks for want of supporting paper work despite the fact that the funds were coming in these accounts from proper banking channels. This caused great hardships to the customers as the crediting of the money in the Bank’s account took 2-3 days.
The hand of the minister of finance, Pravin Gordhan, is suspected behind the extraordinarily unreasonable pressure put on the CEO of the Bank of Baroda. Gordhan, who was shares in all the white owned banks, is locked in multiple legal challenges relating to his conflict of interests which borders on illegality.
In a sadistic and evil streak, SARB sent a mocking message of condolences to the family of Argawal. This is after having made his life impossible and possibly contributing to his heart attack.
This is part of the insulting message, “The South African Reserve Bank is aware of the passing away of Bank of Baroda CEO, Mr. Sanjay Agarwal, and conveys our sympathies to his family and the staff of the bank.”
We can only wonder what the family and colleagues of Argarwal must feel seeing how those who tormented their loved one, now turning around to give fake sympathies.
It would seem the battle to protect white monopoly capital driven from Treasury has reached low levels in the human relations stakes.
It’s now barbarism to protect white capital at all costs. How long it will last, only time will tell.