THE controversial politically-connected Gupta family announced on Saturday they intend to sell all their shareholdings in South Africa by the end of the year.
“Since our decision to step down from all executive and non-executive positions in all our South African business[es]in April 2016, the local management team has grown our businesses from strength to strength, with turnover and profits showing good growth and more jobs created,” a statement issued by Gupta family spokesman Gary Naidoo said.
“As a family, we now believe that the time is right for us to exit our shareholding of the South African businesses which we believe will benefit our existing employees and lead to further growth in the businesses.
“As such, we announce today our intention to sell all of our shareholdings in South Africa by the end of the year. We are already in discussions with several international prospective buyers and will soon be in a position to make further announcements.
“We believe that this decision is in the best interests of our business, the country, and our colleagues,” the statement said.
The Gupta family, which includes brothers Atul, Ajay, and Rajesh, are known for their close relationship with South African President Jacob Zuma, various cabinet ministers, among others.
The family owns various companies under the Oakbay Investments umbrella, including in the computers, mining, media, and energy sectors. Their mining interests include Oakbay Resources and Energy, Shiva Uranium, JIC Mining Services, and Tegeta Exploration and Resources.
Media interests include The New Age newspaper and ANN7 television news channel. Other interest include engineering, leisure, and real estate. – ANA