Wealthy Gupta Family Plans To Sell All South African Business Interests

Wealthy Gupta Family Plans To Sell All South African Business Interests

From Daily Mail. Story by AFP.

South Africa’s wealthy Gupta family, which has ties to President Jacob Zuma, said it plans to sell all its business interests in the country by the end of the year.

The family immigrated from India in the 1990s, and owns a business empire with interests ranging from media to mining. It is in talks with “several international prospective buyers.”

“As a family, we now believe that the time is right for us to exit our shareholding of the South African businesses, which we believe will benefit our existing employees, and lead to further growth in the businesses,” according to a statement issued by Gupta holding company Oakbay Investments.

The Gupta family companies led by brothers Atul, Ajay and Rajesh, have over the years been embroiled in scandals, including accusations of undue influence over Zuma.

Members of Zuma’s family have been employed in Gupta companies, including son Duduzane who used to be a business partner of the Guptas.

In April, the Guptas stepped down from all executive and non-executive positions in Oakbay Investments following intense scrutiny over their dealings with the government.

Two major banks closed accounts belonging to Gupta businesses.

The extent of the Guptas’ political influence came to light in 2016 when a deputy minister said that the family had offered him the position of finance minister.

Gupta-owned firms include a TV news channel, a newspaper, gold and uranium mining firms and a computer business.

Read more at Daily Mail.