Gupta family, hit by scandal, to sell S African holdings

JOHANNESBURG: South Africa’s wealthy Gupta family, which has been accused of holding undue political sway over President Jacob Zuma, said on Saturday it planned to dispose of all the stakes it holds in South African businesses by the end of this year.

“As a family, we now believe that the time is right for us to exit our shareholding of the South African businesses which we believe will benefit our existing employees,” the family said in a statement.

“As such, we announce today our intention to sell all of our shareholding in South Africa by the end of the year. We are already in discussions with several international prospective buyers,” the statement said.

The Guptas have denied accusations that they have used their friendship with Zuma to influence his decisions or advance their business interests.

South Africa’s anti-corruption watchdog in July said it will receive additional funds to investigate whether Zuma allowed the family to make government appointments. The family is accused of being behind Zuma’s abrupt sacking of former finance minister Nhlanhla Nene in December, a move that rattled investor confidence and triggered calls for the president’s resignation.