Guptas strike it rich selling gold in Dubai

Family involved in running bullion operation in Gold Souk - but avoiding tax

09 July 2017 - 00:05 By THANDUXOLO JIKA

The Guptas are running a multimillion-rand gold shop in Dubai.
In December 2015 the family made R50-million in gold sales in three days in Dubai's tax-free zone and gold market, the gold souk. This amounts to more than a quarter of what Gupta-owned Shiva uranium mine made the entire year in 2015 as it reported sales of just over R165-million.
E-mails reveal that the Guptas are involved in management, operational and decision-making at Emperesse Bullion LLC and Manish Jewellers but are not registered as directors or shareholders. That would require them to pay tax as South African residents running a foreign-based company.
Documents show that Emperesse Bullion LLC and Manish Jewellers head of finance Anto Joseph reported daily sales to Atul Gupta in December 2015. He also asked Atul to approve credit of about R17.8-million to Malabar Gold, one of the world's top jewellers.
Suspicious box
It is unclear where the gold came from. But on April 7 2016, a Gupta jet was preparing to depart from Fireblade Aviation's terminal at OR Tambo International when scanners picked up a box containing what looked like stones. When airport security asked to see the contents, a Gupta security man took the bag. The Guptas later claimed these were "jars with different kinds of nuts and wheat".

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