South Africa: Hundreds of Millions in Gupta Assets Seized by Investigators

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4 June 2021

Cape Town — South African authorities have seized assets belonging to the Guptas, their companies and associates, reports News24. The assets include luxury properties in the up-market suburbs of Constantia in Cape Town and Morningside in Gauteng.

The move comes a day after the National prosecuting authority announced that it had asked for assistance from Interpol to have the Gupta brothers and their wives extradited to South Africa to face charges relating to their dealings with the government.

The Investigating Directorate confirmed the seizure, saying Bloemfontein High Court granted a restraint order to freeze the assets of Gupta associate Iqbal Sharma. Sharma's companies,  Nulane Investments 204 (Pty) Ltd, and Islandsite Investments 180 (Pty) Ltd, are jointly owned by Atul and Rajesh Gupta and their wives, Chetali and Arti Gupta, respectively, IOL reports.

Investigating Directorate (ID) Spokesperson Sindisiwe Seboka commented on the action. "Sharma's assets that form part of the curator's inventory include his Sandton home valued at over R12 million. The property was featured on lifestyle television programme Top Billing, and is owned through a UAE-registered company, Issar Global. "Other assets include movable property valued at U.S.$36,642 and a U.S.$90,000 sectional title home in Sandton. Properties owned by Gupta family company Islandsite that form part of the inventory include a house worth U.S.1.4 million in Constantia, near Cape Town and a U.S.$831,000 house in Saxonwold," said Seboka.

Islandsite owns a 40% stake in Oakbay Investments, the holding company for the Gupta family's businesses in South Africa and that owns lucrative shares in several companies, along with the Gupta's luxurious homes in Johannesburg and Cape Town.

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