SA milked of bil­lions in cor­rupt deals

The murky world of Gupta con­nec­tions

The Star Early Edition - - BUSINESS REPORT - Regis Nya­makanga and Wes­ley Diphoko

SOUTH Africa could have been milked bil­lions of rand in what ap­pears to be a col­lu­sion be­tween the in­fa­mous Gupta fam­ily and lead­ing pri­vate and state-owned com­pa­nies, which is now widely re­ferred to as State cap­ture.

Although de­tails are still emerg­ing, a num­ber of in­ter­na­tional com­pa­nies and sta­te­owned en­ti­ties, have been fin­gered in what ap­pears to be the worst ever scan­dal in post in­de­pen­dent South Africa.

Per­ilous path

This, com­ing hot on the heels of the re­cent down­grad­ing of South Africa by global credit rat­ing agen­cies to the “junk sta­tus” fol­low­ing a num­ber of pol­icy de­ci­sions, could lead the coun­try’s econ­omy on a per­ilous path.

Rights groups are press­ing for those im­pli­cated in the Gupta scan­dal to be pros­e­cuted both in South Africa and in their home coun­tries, with calls for those found to have trans­gressed to re­turn the ill-got­ten loot to South Africa.

In this spe­cial re­port, we fo­cus on some of the deals that have come un­der spot­light in re­cent weeks, we also look at the quan­tum of the loot.

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