South Africa's national trade federation on Monday accused some financial institutions of "hypocritically and recklessly ostracizing" the business run by the South African-Indian Gupta family.
The Gupta family has been in the spotlight recently over its alleged undue influence over the South African government.
A statement from the Congress of South African Trade Unions (COSATU) said the banks had no authority to moralize on the Gupta issue.
The statement comes after several financial institutions in South Africa -- ABSA bank, First National Bank, Nedbank, SASFIN Capital and KPMG -- decided to stop doing business with the Gupta family.
COSATU spokesperson Sizwe Pamla called the decision "nothing but political posturing", saying it will not only affect the "gluttonous Guptas", but also the "innocent workers".
The COSATU, a coalition partner of the ruling ANC party, demands answers from the banks for their moves.
Some sitting and former officials, including Deputy Finance Minister, Mcebisi Jonas, have claimed that the Gupta family offered them ministerial posts.
The opposition has accused President Jacob Zuma of allegedly letting the Guptas exert their influence.
Both Zuma and the Gupta family deny the allegations.
Under mounting pressure, Zuma's son Duduzane Zuma last week resigned from a company owned by the Gupta family.
The Guptas moved to South Africa in 1993 and have since invested more than 10 billion rand (about 700 million U.S. dollars) in the country.
Name (required) *
E-mail (required, but will not be published) *
Notify me of follow-up comments
Edin Dzeko hit his ninth and 10th league goals of the season as Roma stayed in hot pursuit of leaders Juventus with…
The facade of the world's tallest building, the Burj Khalifa in the Gulf emirate of Dubai, was lit up in pink Thursday…
It took just seven days for "Wizard of Oz" nostalgics to raise more than $300,000 in a crowdfunding drive to restore Dorothy's…
Powered and Developed by FilmMatters
Copyright © 2016 Arabtoday