Guptas’ Midrand property auctioned for R29.5m
The Guptas are at the centre of state capture investigations after they built a business empire in SA allegedly by leveraging undue influence over the state
A Gupta-owned property in Midrand, which housed Mzwanele Manyi’s now-defunct TNA Media, was auctioned for R29.5m on Wednesday. The sale comes after the Guptas’ Islandsite Investments 180 vehicle — which holds this and other properties, as well as mining interests and a Cessna aircraft — was placed under business rescue in February along with several other Gupta companies. The proceeds from Wednesday’s auction were earmarked for Islandsite’s creditors, as part of the business rescue plan. The Guptas are at the centre of state capture investigations after they built a business empire in SA allegedly by leveraging undue influence over the state. In late 2007, the family, through Islandsite, bought the Midrand property for R30m. According to data from Park Village Auctions and GoIndustry DoveBid, the parties which oversaw Wednesday’s auction, the property’s most recent municipal valuation was R26.5m. It consists of three semi-detached offices and warehouse buildings, and previously hous...
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