Citizen reporter
1 minute read
27 Aug 2016
5:29 pm

Guptas have had enough of SA

Citizen reporter

The controversial Gupta family has said in a statement they plan to have no further business involvement in South Africa by the end of the year.

Nazeem Howa and Atul Gupta. Picture: Gallo Images

The statement said: “Since our decision to step down from all executive and non-executive positions in all our South African business 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.

“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.”

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They said buyers were already potentially lined up and would be announced in time.

“We believe that this decision is in the best interests of our business, the country and our colleagues,” they added.

Since a decision by all the country’s major banks, their JSE sponsor and their auditors to refuse to do business with the family or any of the companies they own, the Guptas have struggled to operate in the country. They have been heavily criticised for their close relationship with President Jacob Zuma and allegations of attempts at state capture.

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Their companies are involved in many sectors, including computing and electronics, mass media and mining.

They are understood to have relocated to Dubai months ago already.