THE National Prosecuting Authority’s Investigating Directorate is preparing to fight to keep assets belonging to the Gupta brothers and their associates in state custody.
The agency will be in the Bloemfontein High Court on Thursday, 12 May, to argue for the confirmation of the restraint order granted in its favour to restrain assets of Iqbal Sharma, his company Nulane Investments and Islandsite Investments, which belong to Atul and Rajesh Gupta as well as their wives, Chetali and Arti, respectively.
The interim restraint order was granted last June, in terms of the Prevention of Organised Crimes Act (POCA).
The order applies to assets in South Africa, including all property of Islandsite, Sharma and his wife Tarina Patel-Sharma, as well as any property held by his companies, including two registered in the UAE.
Sharma’s assets, forming part of the curator’s inventory, include his Sandton home valued at more than R12 million. It was featured on lifestyle TV programme Top Billing, and is owned through UAE-registered company Issar Global.
Other assets include movable property valued at R500 000 and a R1,3 million sectional title home in Sandton.
Properties owned by Gupta family company Islandsite, forming part of the inventory, include a house that is worth R21 million in Constantia near Cape Town and one worth R12 million in Saxonwold. Sharma was arrested last June, in connection with a R24,9 million feasibility study in the Free State that gave way to the R288 million Estina dairy project scandal.
He is, among a group of 17 people, facing charges of contravening the Public Finance Management Act, fraud and money laundering.
Atul and Rajesh, as well as their wives, are also among the accused. The Guptas have left South Africa, and the state obtained arrest warrants for them in connection with the case.
