Ray Hartley Editor: BusinessLIVE
Atul Gupta. Picture: TMG
Atul Gupta. Picture: TMG

The Sunday Times is leading with the story "Gupta's R10bn jackpot". It is based on the paper's annual Rich List survey.

According to the paper:

President Jacob Zuma's close friend Atul Gupta is now the seventh-richest South African according to the latest Business Times Rich List.

The 47-year-old Gupta, the most prominent of three brothers from the family who have been accused of using their close relations with Zuma to unfairly enrich themselves, has personal wealth valued at R10-billion.

Gupta is now the seventh-richest South African and its richest black businessman, pipping Patrice Motsepe, who is now eleventh on the list.

Among those unimpressed with the Gupta's rising fortunes is Sipho Pitayana, who said: "What is equally disturbing is that the Sunday Times assessment is probably just the tip of the iceberg.

"Despite all Zuma’s public statements about the importance of black economic empowerment and the growth of black industrialists, the net effect is less than zero. It is clear that, under Zuma’s watch, black ownership of the economy is shrinking and the entire black economic empowerment project has regressed."

And they say cronyism doesn't pay?

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