WEALTHY Gupta family members sought meetings yesterday with South African banks that have boycotted their business group, jeopardising thousands of jobs.

Absa, FNB, Nedbank and Sasfin, together with auditing transnational corporation KPMG, have all cut off business relations with Gupta companies Oakbay, Sahara Holdings and TNA in an unprecedented boycott over their alleged relationship with the ruling African National Congress (ANC).

The banking boycott coincided with opposition parties’ failed attempt to impeach President Jacob Zuma.

Oakbay Investments CEO Nazeem Howa said that he hoped to reopen accounts with at least one bank following the meetings.

“We will start setting up meetings with banks on Tuesday to try to restore those relations because the lives of 7,500 employees are at stake,” he said.

The Indian-South African family came under fire earlier this year from sections of the tripartite national liberation alliance of the ANC, Congress of South African Trade Unions (Cosatu) and South African Communist Party (SACP).

The National Union of Mineworkers and the SACP raised concerns at an ANC assembly over rumours that the government was intervening on behalf of the Guptas to help them buy up flagging mining companies.

Cosatu demanded answers from the banks on Monday after the Gupta group of companies met the federation to discuss looming redundancies.

While expressing little sympathy for the big-business group, Cosatu spokesman Sizwe Pamla reminded bankers of the legal principle of innocence until proven guilty.

The SACP was also scathing towards the banks, with spokesman Alex Mashilo saying: “Acting together with an imperialist monopoly KPMG, the private banking monopoly has shown its dangerous and collusive market conduct against one of their private mould.”

The Guptas faced allegations of “state capture” in March when businessman Johann Rupert, heir to apartheid-era billionaire Anton Rupert, and others claimed that the family was dictating cabinet appointments to the government.

Mr Rupert himself faces allegations of blackmailing the government over December’s appointment of David van Rooyen as finance minister. A subsequent media frenzy forced Mr Zuma to reverse his decision.