Scandal-hit Gupta family says plans to sell South African holdings

Nazeem Howa the chief executive officer of Oakbay Investments. File

Nazeem Howa the chief executive officer of Oakbay Investments. File

The brothers are talking to several global buyers, they maintained, and they would make further announcements soon. "It comes at a time when Gupta companies are reportedly under increasing scrutiny from the Reserve Bank, treasury and the Financial Intelligence Centre", the Tripartite Alliance partner said.

"The Gupta family businesses are significantly smaller in comparison to the top businesses in the country and the disproportionate media focus tells you there is a hidden agenda behind targeting the family businesses", Mr Naidoo said, but did not elaborate on who was behind the "hidden agenda".

Oakbay Investments owns 80 percent of Oakbay Resources & Energy Ltd., a gold and coal mining company listed on the Johannesburg Stock Exchange.

"We have repeatedly pointed out that our family has been a victim of a political campaign against it".

He said he would politically protect anyone who came forward.

The family said it believes that "narrative has been constructed" against them and accused media houses of contributing to a "flawed perception" of them.

The SACP said on Sunday there was a strong possibility the Guptas simply meant to sell their South African interests to themselves through their foreign-based investment venture capital operations.

The scandal-hit family is being investigated for allegedly holding undue political sway over President Jacob Zuma and influencing government appointments. "We also believe that our input would enhance its accuracy ahead of the report being made public", it said.

"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‚" the family has said in a statement.

"We would have expected Maynier to at least be honest enough to acknowledge that our businesses have always committed to co-operate with any statutory investigation announced, so it is disingenuous for Maynier to suggest that our companies will not participate as required in any investigation".

The controversial Gupta family, which has shares in a string of businesses in South Africa, including Sahara Computers, has announced it will be selling all shares it owns in the country.

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