Oakbay sells Tegeta to little-known Swiss company
This is the Guptas' second sale this week, after the vendor-financed sale of The New Age and ANN7 to Mzwanele Manyi
Gupta-owned Oakbay has announced that it has sold another of its companies - this time Tegeta Exploration & Resources, which had scored a major contract from Eskom. The company announced that it was selling Tegeta, which consists of Optimum, Koornfontein and Optimum Coal Terminal, to Swiss-based Charles King for R2.97bn. This comes two days after the company announced its was pulling out of its media interests, selling its shareholding in Infinity Media and TNA. The Gupta family and its companies have been central to allegations of state capture and their business dealing have come under the spotlight since a tranche of e-mails between members of the family and their associates was leaked. Earlier this month, Finance Minister Malusi Gigaba announced a forensic investigation into a Tegeta report, which related to the coal supply contracts between Tegeta and Eskom. The report paints a damning picture of how senior Eskom executives, including Matshela Koko and Anoj Singh, may have pres...
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