HomeNewsGuptas to dispose of South African shareholdings

Guptas to dispose of South African shareholdings

The Gupta’s have been involved in a number of allegations, including being under the spotlight owing to its politically-influencing relationship with South Africa’s President, Jacob Zuma, and ruling party the African National Congress.

“Since our decision to step down from all executive and non-executive positions in all our South African business in April 2016, the local management team has grown our businesses from strength to strength, with turnover and profits showing good growth and more jobs created,” says Gupta family spokesperson Gary Naidoo.

In a statement, the Gupta family says “we now believe the time is right for us to exit our shareholding of the South African businesses” and it believes the move would benefit current employees and lead to further growth in the businesses.

The family believes that this decision is in the best interests of its business, the country and its colleagues and is in talks with “several international prospective buyers” and expects to make further announcements soon.

The Gupta family’s assets in South Africa would include its holding company Oakbay Investments, which controls Johannesburg-listed Oakbay Resources.

Oakbay Investments is a shareholder in a number of private equity investments and joint ventures, including Sahara Computers, JIC Mining Services, Shiva Uranium, The New Age Newspaper, ANN7 TV and Clifftop Lodge.