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Reserve Bank probes sale of Tegeta shares to offshore company

Correspondence attached to a court application reveals the Reserve Bank sent a request for documentation to Gupta-owned Tegeta resources at the end of last month.

A screengrab of the business details of Charles King SA.

PRETORIA - It’s emerged the Reserve Bank is investigating the sale of Gupta-owned Tegeta resources shares to a little-known offshore company called Charles King SA.

The details are contained in an interdict application filed by business rescue practitioners who claim Gupta-owned companies have prevented access to their business premises.

Oakbay Resources announced it was selling its mining interests, which included the Optimum and Koornfontein Mines to the Swiss-registered company in August last year.

Offshore company records revealed Charles King SA was registered as trading in fashion products and clothing.

Correspondence attached to a court application reveals the Reserve Bank sent a request for documentation to Gupta-owned Tegeta resources at the end of last month.

The central bank is particularly interested in reports that Tegeta has received an initial payment of R66 million from Swiss-based Charles King SA.

The bank refers the company to legislation which states that no person may, without permission from Treasury, sell shares to a foreign entity.

The Reserve Bank has asked Tegeta to provide a copy of the sales agreement as well as details relating to the R66 million payment.