CCS
CCS Events
CCS Libraries
About CCS
CCS Projects
BRICS
CCS Highlights


Guptas to pull out of SA?



IOL News 4 March 2016

Johannesburg - Just two weeks after their company got Competition Tribunal authority to buy a former Glencore coal mine, the Gupta brothers are reportedly leaving South Africa.

This is according to African Confidential, which is reporting that three Gupta brothers - Ajay, Atul and Rajesh - are in the process of moving to Dubai, in the United Arab Emirates.

African Confidential, citing sources in the ruling ANC, says the move is because many of the family's businesses are under increased scrutiny, especially contracts with government or state-owned enterprises.

The relationship between the Guptas and President Jacob Zuma has been lambasted by opposition parties - notably the Economic Freedom Fighters - and cries of “Zupta must fall” are resonating through SA.

Finance Minister Pravin Gordhan has also become involved amid concerns that the family is too close to the government. Just days before February’s budget speech, Gordhan - according to the Sunday Times - pulled the plug on the Gupta-owned New Age newspaper's post-budget breakfast briefing.

Towards the end of last year, Tegeta Exploration & Resources, a company owned by Oakbay Investments and Mabengela Investments, purchased the former Glencore mine, Optimum, which had been placed into bankruptcy protection for R2.15 billion.

Tegeta is 64-percent owned by Mabengela Investments, which in turn is 45-percent held by Duduzane Zuma, Bloomberg reports, citing people familiar with the matter. The Gupta family’s stake in the venture is held through Oakbay Investments.

The BBC reports Bongi Ngema-Zuma, one of the president's wives, works for the Guptas and Duduzile Zuma, his daughter, was a director at Sahara Computers in 2008, but has since resigned.

According to Bloomberg, Tegeta wants to find more opportunities after being cleared by regulators to acquire Glencore’s Optimum coal complex. “Tegeta is an ambitious business and on the lookout for new opportunities to grow the business,” it quotes an email from Oakbay Investments as saying. “It is our view that any person, or company, should be free to compete fairly for any business.”

The company is now also acquiring the rights to export eight million metric tons of coal through the Richard’s Bay Coal Terminal, Bloomberg reports.

According to the BBC, brothers Ajay, Atul and Rajesh - who it says is known as Tony - Gupta moved to SA when they were in their 40s. They moved, says the UK-based site, from India's northern state of Uttar Pradesh in Saharanpur in 1993.

After moving to SA, the Gupta family started Sahara Computers, a company completely separate to the Indian conglomerate of the same name, which reportedly employs 10 000 people and turns over about R200 million.

The Gupta family also owns uranium assets through its listed Oakbay company. Oakbay Resources & Energy owns 74 percent of Shiva Uranium and Atul is its chairman, with Varun as CEO, according to its website. Shiva Uranium, which owns the Dominion and Rietkuil mines, was previously a unit of Uranium One, formerly run by Neal Froneman, Sibanye Gold’s current CEO.
http://www.iol.co.za/business/companies/guptas-to-pull-out-of-sa-1993391

 Other Alternative Media Websites
 World Socialist Website 
 www.uruknet.info 
 Pambazuka News 
 Abahlali baseMjondolo 
 Indymedia 
 The South African Civil Society Information Service  
 The Real News 
 Municipal Hotspots Monitor 
 Media for Justice 
 RTCC News 
 Workers' Fightback 
 The Vast Minority  
 Indymedia Africa 
 R2K 
 Protest News from Greece 
 Amandla Alternative Media 
 www.todaysalternativenews.com/ 
 Prensa Latina 
 Dissident Voice 
 Buzzflash  
 Information Clearing House 
 Haiti News 
 Media Channel 
 Prisonplanet.Com 
 Telesur TV 
 Western Cape Anti-eviction Campaign 
 Treatment Action Campaign 
 COSATU news 
 Newsclip Autopsy 
 Green Left Weekly 
 The Mail & Guardian 
 Isyandan 
 Think Progress 
 Cape Town TV 
 Pravda 
 Shadow Government Statistics US 
 Uganda Anarchism 
 Whatreallyhappened 
 www.libcom.org/blog/ 
 Upside Down World 
 Hands Off Venezuela  
 Afrol.com 
 Agencia Informação Moçambique 
 This Day (Nigeria) 
 Addis Tribune (Ethiopia) 
 The Namibian 
 The Monitor (Uganda) 
 The Daily Monitor 
 Socialist Worker (UK) 
 The Center for Public Integrity  
 Outlook India  
 The Washington Post  
 The Nation (U.S.A.) 
 AL-AHRAM (Egypt)  
 The Guardian (UK) 
 Mail and Guardian (South Africa) 
 The New York Times 
 Courrier International (le monde)* 
 Narco-news 
 Autonomedia 
 Green Net 
 Alternet 
 Journal of Higher Education in Africa 
 Socialist Appeal  
 Xinhuanet  
 Media Watch 
 Media Alliance 
 Fairness and Accuracy in Reporting 
 Media Review Network  
 Z Mag 
 Indymedia India 
 Indymedia Argentina 
 Indymedia Brazil 
 Indymedia Chiapas 
 Indymedia Israel 
 The Electronic Intifada  
 Venezuela News Website 
 Electronic Iraq  
 Freedom of Expression Institute 
 Media Matters 
 Wiki News 
 We Are Everywhere 



|  Contact Information  |  Terms of Use  |  Privacy