Posts tagged with 'Oakbay Investments'

 

Iqbal Sharma in Hegtenis Geneem! Ondersoekdirektoraat Lê Beslag op R520 Miljoen Gupta Bates, Insluitend Luukse Eiendomme in Johannesburg en Kaapstad!

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Die ondersoekdirektoraat (OD) het beslag gelê op bates ter waarde van meer as R520 miljoen wat aan die Gupta-familie behoort het, hul sakevennoot Iqbal Sharma en sy vrou, Tarina Patel.

Die beslaglegging volg op ‘n besluit van die Vrystaatse hooggeregshof in Bloemfontein om die OD ‘n bevel te gee om die bates van Islandsite Investments, Sharma en Patel te bewaar. Islandsite besit meer as 40% van Oakbay Investments, ‘n korporatiewe struktuur wat winsgewende aandele in verskeie maatskappye besit, ‘n Gupta spoghuis in Saxonwold en die gesin se luukse huis in Constantia, Kaapstad.

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Liquidation of Gupta company, Oakbay back on the table

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The Tegeta Exploration and Resources has again filed an application for liquidation from the Gupta company, Oakbay Investments.

The Tegeta institution has gone on a hunt for the R402 loan from the Gupta company, which has been in disarray in recent months.

Tegeta claims that the Guptas ‘family business’ Oakbay Investments, as an entity owes him R400m.

In the documents filed with the Johannesburg High Court, Tegeta argues that Oakbay is liquidated as he is not in a position to settle his debts.

The Guptas currently living in the Emirates have already been auctioned off in Johannesburg and sold to pay off outstanding debts, but attempts to get them extradited to SA have been unsuccessful until now.

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Bankrupt Gupta mine in Mpumalanga sold to black-owned South African mining group

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A black-owned South African mining group, Lurco, is buying the Gupta family’s Koorfontein mine, Netwerk24 reported on Monday morning.

The bankrupt mine in Mpumalanga is owned by the Guptas’ Tegeta Exploration and Resources, a unit of Oakbay Investments. It used to supply coal to Eskom, but has not been operational for some time. Employees last received salaries in November 2018

Lurco was established in 2010 by businessmen Ellington Nxumalo and Aubrey Chauke. One of its largest projects is a coal beneficiation contract with Australian miner South32.

Lurco has until later this week to settle the R500m bid. Louis Klopper, the business rescue practitioner tasked with dealing with some of the Gupta companies, told Netwerk24 that a foreign-owned financier, who is supporting Lurco’s bid, has transferred a part of the money last week. The rest needs to be settled by 24 October.

If that doesn’t happen, another company, Black Royalty Minerals (BRM), will buy Koor
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