The flight of money
Guptas could lose jet over unpaid bills
Leaked e-mails show that Canadian firm Bombardier was negotiating with the Guptas about the possible sale of a second plane to them even after corruption allegations had been widely publicised
The Gupta jet registered as ZS-OAK faces being impounded as the Saxonwold family close to beleaguered President Jacob Zuma appears to have run out of money to make scheduled repayments. The Financial Mail has reliably learnt that the Canadian government’s export credit agency, which provided a soft loan for 80% of the finance required for the jet, has instituted legal action against the Guptas for defaulting on their payments. The agency, Export Development Canada (EDC), promotes the growth of Canadian businesses abroad by providing finance to international customers who buy products from that country. Documents contained in the Gupta e-mail leaks show that by October 14, when the next US$1.4m payment for the aircraft fell due, the Guptas still owed $28.3m to EDC. Sources in the aviation industry told the Financial Mail that EDC had in November grounded the aircraft at Lanseria airport for 48 hours "due to nonpayment. It would appear that a bank (unknown to us) provided the guarante...