Gupta companies in court bid to get stay of execution from Baroda
Companies owned by the embattled Gupta family will be in the High Court in Pretoria on Friday in an attempt to stop the Bank of Baroda from closing their accounts. About 20 companies owned by or linked to the Guptas will approach the court for an interdict. These include tech distribution firm Annex Distribution‚ Confident Concepts‚ Sahara Computers and VR Laser Services. Also represented will be property owner Islandsite Investments 188‚ Koornfontein Mines‚ Oakbay Investments‚ Optimum Coal Mine‚ Shiva Uranium‚ Tegeta Exploration‚ Westdawn Investments‚ Idwala Coal‚ and Mabengela Investments. All of the companies feature prominently in the leaked Gupta e-mails. Many of the companies share Oakbay CEO Ronica Ragavan as director. Ragavan said in court papers the combined salary bill for the entities is R164m. Baroda gave the family three months’ notice of the closures‚ which are due to come into effect at the end of September. The Daily Maverick reported on Friday morning that Baroda’s ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.