The Industrial Development Corporation (IDC) “sacrificed commercial considerations on the altar of political expediency” when it restructured “a R250-million loan to the Guptas”‚ the Democratic Alliance (DA) said. This came after IDC CEO Geoffrey Qhena revealed on Tuesday that officials met executives‚ officials and shareholders of Gupta-owned Oakbay Resources and Energy ahead of providing financial assistance to the company. “The DA takes the statement by…Qhena that there were ‘no political considerations’ associated with the restructuring of a R250 million loan to the Guptas with a large bucket of salt‚” said the party’s Michael Cardo. He said “Qhena acknowledged that there was a feverish flurry of meetings between IDC executives and Oakbay Resources & Energy shareholders‚ including Atul Gupta‚ in the run-up to both the granting and restructuring of the loan facility”.“The fact that the IDC coughed up R250-million for Oakbay to by Shiva Uranium in the first place – in April 2010 – smacks of political manoeuvring.“The loan accounted for almost the entire R270-million purchase price. And when the uranium mine was parcelled out‚ a company part-owned by President Jacob Zuma’s son‚ Duduzane‚ took 26%‚ with the Guptas holding the rest.”Cardo said that after “Oakbay defaulted” when “the IDC loan was due to be repaid in full in April 2013 with interest amounting to a total payment worth more than R450-million…the IDC bent over backwards to renegotiate repayment on terms wholly favourable to the Guptas”.“In light of the fact that the Guptas have all but hijacked the South African state for their own greedy‚ grasping ends‚ the IDC would do well to follow the lead of the commercial banks and give the President’s pals a wide berth in future‚” said Cardo. – TMG Digital..