Another blow for Gupta associate Iqbal Sharma

Gupta associate Iqbal Sharma suffered another blow on Wednesday after the National Prosecuting Authority’s (NPA) successful application to restrain his assets.

In June, the Assets Forfeiture Unit pounced and seized properties belonging to Sharma in Western Cape and Gauteng.

Last week, Business Rescue Practitioners of the Gupta-owned company Islandsite through Ronica Ragavan attempted to oppose the confirmation of the unlimited restraint order against the company, under the authority of Kurt Knoop and Johan Kloppers as the business rescue practitioners.

The court has since ruled that Islandsite have the legal standing to represent the company in legal proceedings, and not the Directors of the company.

Judge President Musi, in an order delivered electronically on Wednesday, confirmed the legal position of Knoop and Kloppers.

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‘’Therefore, the application for leave to appeal against the order of the Supreme Court of Appeal filed with an application for condonation did not suspend the order of that Court. That said, it means that the business rescue practitioners are still in ‘charge’ of the company’s affairs, business and property pending the outcome of the application for condonation.’’

The provisional restraint order against Sharma, Islandsite and others has been extended to 18 November 2021.

Among some of the more than R47 million’s worth of Gupta-linked assets seized is a plush Sandton mansion valued at R12 million, which belonged to Sharma and was featured on the now-defunct lifestyle show, Top Billing.

Also included in the list was a BMW, several bank accounts and a number of properties his company Nulane Investments 204 (Pty) Ltd and Islandsite Investments 180 (Pty) Ltd which belongs to Atul and Rajesh Gupta and their wives, Chetali and Arti Gupta, in June 2021.