Duduzane gives force to 'Zupta' perception - Times LIVE
   
Latest
Sun Dec 11 00:17:43 SAST 2016

Duduzane gives force to 'Zupta' perception

Bloomberg | 2016-02-12 01:05:34.0
NO PROOF: Duduzane Zuma outside the Randburg Magistrate's Court yesterday during an inquest into the death of Phumzile Ncube, who died after his Porsche hit the taxi she was in
Image by: ANTONIO MUCHAVE

President Jacob Zuma's son, Duduzane, has a stake in the company that, with the Gupta family, is buying Glencore's Optimum Coal mine, says the competition regulator.

Before Duduzane's involvement was disclosed, the transaction attracted criticism from opposition parties and unions because Mineral Resources Minister Mosebenzi Zwane said he had travelled to Switzerland to meet Glencore officials to help advance the deal in what he said was an attempt to save jobs.

Optimum is now selling coal to Eskom's Arnot power station. The utility decided not to renew a supply contract with Exxaro Resources, threatening almost 2000 jobs.

The Guptas are a target of criticism because of their links to Jacob Zuma. Their companies have employed his daughter and one of his wives. Other links include previous business partnerships with Duduzane and the landing of a jetliner carrying wedding guests from India at an air force base that, as a "national key point", is prohibited from commercial activity.

The Competition Commission recommended the approval of the purchase by Tegeta Exploration and Resources - a company owned by Oakbay Investments and Mabengela Investments - of Optimum, which had been placed in bankruptcy protection by Glencore, the regulator said yesterday.

Oakbay, owned by the Gupta family, controls Oakbay Resources & Energy. Duduzane Zuma has a stake in Mabengela, and an interest in the Shiva Uranium operation, is controlled by the Guptas through Oakbay. Duduzane and Gupta family members are directors of at least 11 of the same companies, public documents show.

SHARE YOUR OPINION

If you have an opinion you would like to share on this article, please send us an e-mail to the Times LIVE iLIVE team. In the mean time, click here to view the Times LIVE iLIVE section.
X