Finance Minister Pravin Gordhan admitted meeting with Oakbay Investments in May this year.

In a parliamentary question posed by the Democratic Alliance’s (DA's) David Maynier, Gordhan said he had met with Nazeem Howa, CEO of Oakbay Investments on 24 May. He was accompanied by National Treasury Director-General Lungisa Fuzile and three other officials, including the Treasury Legal Counsel.

The purpose of the meeting was to discuss Oakbay’s request that he intervene in the company’s dispute with a number of banks so as to avoid possible job losses that may arise as a result of the closure of the bank accounts held by Oakbay and its associated companies, according to Gordhan.

He was not aware of any other dedicated meetings between any person from the National Treasury and Oakbay, bar for the one that had taken place on 24 May.

In his response, Gordhan declined to deal with the matter raised in a public statement made on 16 March by Deputy Finance Minister Mcebisi Jonas, detailing how he had been approached by a shareholder of Oakbay who offered him the position of Minister of Finance to replace former Finance Minister Nhlanhla Nene.

Gordhan said the meeting with Oakbay took place at the National Treasury head office at 40 Church Square, Pretoria.

In April this year, Jeff Radebe, minister in the presidency responsible for planning and monitoring said in a cabinet statement that three ministers - Gordhan, Mineral Resources Minister Mosebenzi Zwane and Labour Minister Mildred Oliphant - would meet with Oakbay, following the termination of its relationship with South Africa’s four big banks.

FNB, Absa, Standard Bank and Nedbank notified Oakbay earlier this year they would no longer provide banking services to Oakbay or its subsidiaries, while listing sponsor Sasfin Capital and auditing firm KPMG also cut ties with the company.

“The only purpose of the meeting was to hear the view of Oakbay on the closure of its accounts,” Gordhan said in his response.

“The only decision out of this meeting was for Oakbay to provide the Treasury with any relevant information to support its allegations and to continue to engage in good faith.”

Gordhan said in his meeting with Howa he pointed out how the banking system in South Africa worked. WATCH: Guptas hit back at banks on CNN

“The banking sector is highly regulated, and any failure of our banks to comply with international regulatory standards could have devastating effects on the banking system, financial stability and the economy as a whole,” Gordhan said.

Banks are subject to tough and intrusive international standards such as Basel III, 2003 United Nations Convention Against Corruption and anti-money laundering obligations.

Besides anti-money laundering and prudential objectives to make the financial sector more secure and resilient (following the 2008 Global Financial Crisis), banks are also expected to comply with market conduct standards, including treating customers fairly, financial inclusion and access objectives.

Oakbay demanded an explanation from banks for their decision to sever ties with the company.

In addition, Oakbay circulated a conspiracy theory in which it claimed that South African banks are under the control of the Rupert family.

The company also suggested that there was a conspiracy between Treasury officials, foreign governments and white business, Business Day reported.