Gupta-owned Islandsite loses bid to postpone order freezing its assets

The Free State High Court has dismissed an application from Islandsite Investments to postpone the State’s bid to finalise an order freezing millions of rands worth of assets belonging to the Gupta-owned company.

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JOHANNESBURG - The Free State High Court has dismissed an application from Islandsite Investments to postpone the State’s bid to finalise an order freezing millions of rands worth of assets belonging to the Gupta-owned company.

Last June, the court granted the Investigating Directorate an interim restraint order against the assets in question, which also include property belonging to Gupta acolyte Iqbal Sharma, among them his R12 million Sandton mansion.

Islandsite's lawyers on Thursday asked the court to postpone arguments while they tried to settle a dispute over who should represent the company, the board of directors, or the business rescue practitioners.

In August, the high court ruled that it was the business rescue practitioners.

But the directors have since approached the Supreme Court of Appeal to try and overturn this and now wanted the case postponed until it had been decided.

ID spokesperson Sindisiwe Seboka, however, on Friday morning confirmed that the court had dismissed Islandsite’s application.

Arguments have now been set down for October, with the interim restraint order extended until then.