Investors pulled billions of rand out of public companies under the guise of a government program meant to address the inequities of apartheid. Then they turned on each other.
The controversial Gupta family is known for making millions from the South African government — including $41 million from Eskom, the state energy company. Here’s where the money went.
A little-known South African investment firm with a link to the influential Gupta family of business tycoons used insider information to fleece one of the country’s state-owned pension funds.
India’s state-owned Bank of Baroda -- one of the country’s largest -- played a crucial role in the financial machinations of South Africa’s politically influential Gupta family, allowing them to move hundreds of millions of dollars originating in alleged dirty deals into offshore accounts, an investigation by the Organized Crime and Corruption Project (OCCRP) and The Hindu has found.
If you look closely at the details of a 2014 contract to bring Chinese-manufactured locomotives to South Africa, you can tell that something more than transportation was going on.
In partnership with Nedbank, one of South Africa’s largest banks, companies controlled by or connected to the wealthy and politically-connected Gupta family via its lieutenants extracted more than 1 billion rand (US$ 67.2 million) from Transnet, a state-owned company charged with constructing rail, port, and other transportation infrastructure to serve South African citizens.