Retired judge to lead inquiry into Gupta assets
Retired Judge Meyer Joffe will chair a closed inquiry into how an estimated R1bn of assets, cash, high-value residential and commercial properties and mining equipment belonging to the Guptas’ Islandsite company allegedly vanished, says a Sunday Times report.
The disappearance is alleged to have occurred through questionable business rescue practices and irregular intercompany loans, property valuations and sales agreements.
Islandsite, which was placed in business rescue in 2018 after SA’s banks unbanked the Guptas, reportedly owed creditors R770m. These debts included: Bank of India (R31m); Sahara Computers (R467m); and the Gupta’s Westdawn (R200m).
Law enforcement sources investigating the family allege the Guptas used Islandsite to channel funds from questionable government contracts to buy a Midrand office building, a Cessna jet, luxury German cars and plush homes in Johannesburg, Cape Town and Durban.
Islandsite owns nearly R100m worth of residential and commercial properties as well as an estimated R500m worth of mining equipment which, through Westdawn, was leased to the Gupta’s Optimum Coal Mine.
Last week, Gauteng High Court (Pretoria) Judge Joseph Raulinga granted Islandsite’s new business rescue practitioner, Mahier Tayob, permission to hold an inquiry into the company’s affairs.
Declining to name those who would testify in-camera at the inquiry, to be held in Pretoria in September, Tayob said they would be subpoenaed this week.
The Sunday Times says it understands they include bank executives, shareholders, lawyers, estate agents and executives of Gupta-linked companies.
Article disclaimer: While we have made every effort to ensure the accuracy of this article, it is not intended to provide final legal advice as facts and situations will differ from case to case, and therefore specific legal advice should be sought with a lawyer.
