Finance Minister Pravin Gordhan has reportedly accused the Black Business Council (BBC) of trying to capture the Treasury and of representing the interests of one family, without naming names, Business Day reported on Tuesday.
It is believed Gordhan was referring to the Gupta family.
The spat reportedly took place during a National Economic Development and Labour Council (Nedlac) meeting on Friday. The event was supposed to be an engagement between Gordhan, Business Unity South Africa (Busa) and the BBC. Business Day reported that this was part of post-budget engagements that took place annually.
Reportedly, the council accused Gordhan of not pursuing President Jacob Zuma's promise of "radical economic transformation" in his budget.
The council's general-secretary George Sebulela told Business Day that the disagreement was over the "meaning of radical economic transformation".
"We still stand on the position presented by the president on radical economic transformation. We raised those issues," he told the paper.
In a statement, the BBC reportedly said Treasury had failed to "champion the cause of radical economic transformation".
Treasury's delegation were left outside the Nedlac building on Friday as the BBC walked away, and a post-meeting briefing had to be cancelled, according to Business Day.
Spokespeople for Nedlac and Treasury declined to comment, Business Day reported.