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Gupta firms lose legal battle against business rescue

Courts 2 weeks ago

In 2018, eight of the Gupta family’s companies were placed in voluntary business rescue after the country’s banks closed their accounts.


21 Nov 2020
PREMIUM!
Gupta firms lose legal battle against business rescue

The Tegeta application for the liquidation of Oakbay Investments details the sorry state of the Gupta companies now in business rescue. Picture: Supplied to Moneyweb

Two Gupta-owned companies are back in business rescue after the Supreme Court of Appeal (SCA) this week overruled moves to terminate the process. In 2018, eight of the Gupta family’s companies were placed in voluntary business rescue after the country’s banks closed their accounts. Kurt Knoop and Johan-Louis Klopper were appointed as business rescue practitioners (BRPs) for a number of those companies, including Islandsite Investment and Confident Concept. But after their relationship with Oakbay Investments – the holding company for the Guptas’ businesses in SA – turned sour, Chetali Gupta (Atul Gupta’s wife and a shareholder in both companies) went...

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