South Africa’s Gupta family, subjected to a wide range of allegations of irregular business dealings due to their ties to President Jacob Zuma, said they are being unfairly targeted by people wanting to score political points.
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The controversial Gupta family announced over the weekend that they are now considering selling all their shareholding in all all their South African businesses by the end of the year.
The Guptas have denied accusations that they have used their friendship with Zuma to influence his decisions or advance their business interests.
The unexpected news was followed Sunday by reports in the independent City Press daily that Finance Minister Pravin Gordhan would this week be charged for graft in relation to his time heading the South African Revenue Service. The fault lines reopened in the wake of the ruling African National Congress’s worst election result since the collapse of apartheid, stoking fears over the stability of Africa’s most developed economy. Mr. Gordhan has pledged to cap spending and debt as he battles to stave off a credit-rating downgrade to junk.
Oakbay Investments owns 80 percent of Oakbay Resources & Energy Ltd., a gold and coal mining company listed on the Johannesburg Stock Exchange.
Political pundits have said Gordhan is being undermined by a faction allied to Zuma.
It has been a torrid week for the Gupta family, who sent out three statements yesterday, the last of which revealed that they planned to sell their interests in their South African businesses. Other businesses include closely held Sahara Computers, a heavy-equipment supplier, a safari lodge, a television news channel and a national newspaper.
Following the scandal that rocked South Africa, the family made a decision to step down from all executive and non-executive positions in all their South African business in April 2016.
The Gupta family warned at the time that as many as 7,500 employees at Oakbay Investments would lose their jobs after the country’s major banks closed their accounts with the firm.
The Guptas’ Saturday statement said they had been the victim of a political attack.
“There’s never a right time to sell a business, but we’ve had some interest from some global parties”, Howa said.
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Corrections & Amplifications: Nhlanhla Nene is South Africa’s former Finance Minister.
