A United Arab Emirates businessman using a Swiss shelf company is investing R2.97bn to buy the Gupta family’s Tegeta mining company, which is under investigation for dubious dealings in its purchase of the Optimum colliery. Tegeta Resources and Exploration will be sold by Oakbay Investments owned by the Gupta family, which is close to President Jacob Zuma. A few days ago, Oakbay agreed to sell broadcaster ANN7 and The New Age newspaper to Lodidox, a shelf company owned by former government spin doctor and Gupta and Zuma cheerleader Mzwanele Manyi for R450m. Oakbay said Tegeta’s buyer was Charles King, a Swiss company owned by Amin Al Zarooni, an individual described by Oakbay as a "leading businessman in the United Arab Emirates and a highly respected and active participant in global private equity markets". Oakbay acting CEO Ronica Ragavan declined to answer questions why, given that Charles King has no track record in mining, Eskom would look favourably on its acquisition of Teget...

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