Duduzane selling Gupta shares ‘to set up youth project’

PRESIDENT Jacob Zuma’s son, Duduzane, is in the process of selling his shares in Gupta-owned Oakbay companies.

Duduzane has been deeply immersed in the Gupta family and their businesses‚ leaked Gupta e-mails show.

They tell of the family helping him buy an expensive home in Dubai‚ organise and pay for his wedding and clean up messes in his personal life.

He was a director of 21 companies but has resigned from the boards of most of them in the past year. He is still a director of seven companies that seem to have stopped trading.

However‚ it is believed that‚ through his company Mabengela Investments‚ he owns nearly R850-million worth of shares in Gupta-owned companies.

Last month‚ Oakbay announced that it was selling off its media assets – Infinity Media and TNA – to Mzwanele Manyi. It was also in the process of selling its mining asset Tegeta. Duduzane had shares in all the companies. The sale of assets by the family was linked to the closure of their accounts by the banks.

Duduzane said yesterday that the money from the shares in the media businesses would go to a youth development programme.

It is not clear how Duduzane’s new youth programme will be set up‚ but he said it would focus on creating real and sustainable jobs.

Duduzane said he would provide more details of the project in the coming weeks.