The committee has been established by the Zuma cabinet, the Minister in the Presidency Jeff Radebe announced.
During a media briefing outlining decisions made during last week’s fortnightly cabinet meeting, Radebe said cabinet was concerned that the decision could scare off investors.
Africa News Agency quotes Radebe as saying: “Cabinet noted the action by the four banks that gave notice to close the bank accounts of the company. The actions deter future investors who may want to do business in South Africa.”
Radebe said the ministers of finance, mineral resources and labour have been tasked with setting up a meeting with the banks to “open constructive talks to find lasting a solution”.
“No, that is why the team of ministers would be interacting with banks to find out the facts.”
Oakbay has complained that the closure of bank accounts could lead to thousands of job losses at the company.
The closure of the bank accounts follows allegations by, among others, Deputy Finance Minister Mncebisi Jonas, that the Guptas had offered him a promotion prior to Nhlanhla Nene being fired as finance minister last year.
