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Holomisa wants Gupta family to explain acquisition of business shares

The UDM's Bantu Holomisa says it should be established if the family acquired the shares legally.

UDM leader Bantu Holomisa Parliament during the State of the Nation Debate on 17 February 2015. Picture: Thomas Holder/EWN.

CAPE TOWN - The United Democratic Movement (UDM) says the Gupta family should explain how it acquired shares in South African businesses before they are sold off.

At the weekend, the family, which has courted controversy through allegations of state capture, announced its plans to sell all its local shares before the end of the year.

UDM leader Bantu Holomisa says it should be established if the family acquired the shares legally.

"It would have been better if at least those findings have been published or the investigation has been completed. But the key is how did they acquire those shares? We want to know that part."

The Guptas claim this is in the best interests of their existing employees and the country, after seeing that its local management team has grown exponentially since their decision to step down from executive and non-executive positions.

Holomisa said there is a legitimate expectation from South Africans about the outcomes of the investigation by Thuli Madonsela and the mediation committee between the family and the banks.

"It would have been better if the findings were published so that we know that they are not selling shares they got illicitly."