Guptas call it quits on SA businesses
The Gupta family has announced it plans to sell all South African shareholding before the end of the year.
JOHANNESBURG - The Gupta family has announced it plans to sell all South African shareholding before the end of the year.
The family released a statement today.
The Gupta family says it believes its decision to sell its shares in South African businesses will benefit its existing employees and lead to further growth in the businesses.
In a statement, the Gupta family says following its decision to step down from all executive and non-executive positions in South African businesses there has been growth in those businesses.
Naidoo says the family believes the decision to quit the country will benefit everyone.
In April, chairman Atul Gupta and chief executive officer Varun Gupta resigned from the Gupta owned Oakbay Investment with the family claiming concerted attacks on the companies associated with the family.
This was after several banks closed bank accounts of Oakbay.
Gupta family spokesperson Gary Naidoo said, "Since all our decisions to step down from all executive and non-executive positions in all our South Africa businesses, the local management team has also grown our business from strength to strength. The turnover and profit showing good growth and more jobs created, as a family we now believe the time is right to exit our shareholding of the South African shareholding."
The family, which has close links to the president, claims a negative narrative has been created against them and that the family has been a victim of a political campaign against it.
Meanwhile, Public Protector Thuli Madonsela said in June, the funds that Treasury made available for her office to investigate the Gupta family will help in speeding up the investigation and hopefully finish it before her term ends.
Madonsela leaves office at the end of October.
Treasury gave the Public Protector a R1.5 million cash guarantee to probe claims that the Guptas offered Cabinet positions to certain people.
Following revelations by Deputy Finance Minister Mcebisi Jonas and former ANC member of Parliament Vytjie Mentor that they were offered Cabinet positions by the Gupta family, the public Protector's Office was asked to investigate the family.
And although Madonsela was guaranteed half of the money she requested to carry out the investigation, she said it's better than nothing.
Madonsela added that she doesn't want to commit to a date on when the investigation will be concluded.