Guptas to sell South African businesses

PUBLISHED: Sat, 27 Aug 2016 15:21:23 GMT

The Gupta family arrived in South Africa in the early 1990s. Since then they have accumulated a large amount of wealth through their interests in mining, ICT and engineering. Oakbay Investments is the holding company for the family’s businesses. According to the company’s website, Oakbay Investments has invested more than R10 billion in the country and employs more than 4,500 people in South Africa. The controversial family has come under attack over the last few months for allegations ranging from ‘corruption to state capture’. Below is a statement issued by the family on Saturday.

JOHANNESBURG, South Africa, August 27, 2016/ — The Gupta Family 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.

As such, we announce today our intention to sell all of our shareholding in South Africa by the end of the year.

We are already in discussions with several international prospective buyers and will soon be in a position to make further announcements.

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

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