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8 Things You Didn’t Know About The Gupta Family

8 Things You Didn’t Know About The Gupta Family

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The Gupta family is a South African-Indian family. They live in Saxonwold, in Johannesburg, South Africa. They came to South Africa in 1993, as the nation prepared to hold its first multi-party elections in the post-apartheid era.

The Gupta’s reportedly left the nation in April 2016, after being adversely accused of using their business power and proximity to President Jacob Zuma to influencing government appointments and compromise top public officials.

Below are eight things to know about the family;

Sources: Moneyweb, BBC, Sunday Times, Financial Times

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Zupta

The term was coined by Economic Freedom Fighters leader Julius Malema, a vocal political polititian in the country. It draws acronyms from Zuma and Gupta, and is used to denote the close relationship between the family and Zuma.

Gutpas' house in Saxonwold suburb of Johannesburg (image: iol.co.za)
Gutpas’ house in Saxonwold suburb of Johannesburg (image: iol.co.za)

Wealthy

The family lives in Saxonwold suburb of Johannesburg, which is one of the city’s most affluent residential areas. The complex was developed at a cost of more than R52 million in 2010. The complex has four mansions and a helicopter pad.

New Age Board Chairman Atul Gupta and President Jacob Zuma. Photo: The Presidency/enca.com
New Age Board Chairman Atul Gupta and President Jacob Zuma. Photo: The Presidency/enca.com

Political influence

The family has been accused of having great political influence in Zuma’s government. It was linked to the sacking of Nhlanhla Nene, former Finance minister in December 2015. In March 2016, Deputy Finance minister, Mcbisi Jonas revealed that a member of the family offered him the position of Finance Minister before Nene was sacked. In 2013, a plane carrying family members at a wedding ceremony landed at Waterkloof Air Base, which is reserved for visiting heads of state and diplomatic community.

Atul Gupta (Image: bdlive.co.za)
Atul Gupta (Image: bdlive.co.za)

Ties with Thatcher’s family

It owns the mansion formerly owned by Sir Mark Thatcher, businessman and son of Margret Thatcher, former Prime Minister of Britain. They bought the 1500 square meters mansion in 2005.

Image: african-markets.com
Image: african-markets.com

Severed corporate ties

In April 2016, global auditing firm, KPMG and Barclays Africa, which owns Absa, the biggest retail bank in the country, cut off their ties with Oakbay Resources and Energy, a company owned by the family. This was after revelations that the family could have influenced the sacking of respected Finance Minister, Nhlanhla Nene in December 2015.

Another bank closes Gupta-owned business accounts
President Jacob Zuma with Atul Gupta. Photo: sapeople.com/Twitter @rdm_za

Close ties with Zuma’s family

The family has close relationship with the nation’s first family. Duduzane Zuma, the president’s son, sits on at least six boards of directors of companies owned by The Gupta family. He resigned from the board of Shiva Uranium, a subsidiary of Oakbay Investments in April 2016. Duduzile Zuma, his daughter is a former director at Sahara Computers, a technology company owned by the Gupta family. Bongi Ngema-Zuma, one of the president’s wives was a communications officer at JIC Mining Services, which is a subsidiary of Oakbay Investments.

platinum drives fuel cell tech innovation in South Africa
Mining platinum at Bathopele Mine, Rustenburg, South Africa. Photo: Geoff Brown/Planet KB/mining-technology.com

Mining

The family has immense interests in the nation’s mining industry. It owns Tegeta Exploration & Resources. Oakbay Investments, one of the family’s’ holding companies owns 34.5 percent in the mining company. It also owns JIC Mining Services. In 2015, there were allegations that the family pushed Glencore, a Switzerland mining company into forcefully selling its coal mine to Tegeta Exploration & Resources.

Image: teeveetee.blogspot.com
Image: teeveetee.blogspot.com

Media

It owns New Age Newspaper which it launched in 2010. This is a daily national paper, with coverage on all the nine provinces of Africa’s second biggest economy. It also owns Ann7, a television station launched in August 2013. It is the third 24-hour television in the country.