Charles King SA's owner seems to have shady past with the Guptas

24 August 2017 1:11 PM

The controversial Gupta family made an announcement on Wednesday that it is letting go of its Tegeta Exploration and Resources business, selling it to a Swiss-based firm - Charles King SA - for over R2.9 billion.

Amabhungane, through the #GuptaLeaks, has now revealed that the man buying Tegeta has helped the family hide their interest in the past. The family has allegedly had questionable dealings with him while in Dubai.

EWN reporter, Barry Bateman says the buyer has been identified as Amin Al Zarooni.

We understand, according to Oakbay, that this company was bought specifically as a vehicle to facilitate the investments or purchase of Tegeta mining interests.
— Barry Bateman, EWN senior reporter

According to Bateman, Charles King SA was established in 2011 as a company trading in fashion - clothes and shoes. But about a month ago it changed its portfolio to include holding shares in industrial and commercial developments.

It has now been revealed that the change of portfolio was done in the same week when Mzwanele "Jimmy" Manyi was made the director of a company called Lodidox.

On Monday an announcement was made that Gupta owned-Oakbay sold its shares in the media companies to Lodidox, in a vendor-financed deal.

It appears there is a timeline correlation between getting things going to offload these assets on to other companies by the Guptas.
— Barry Bateman, EWN senior reporter

To hear more of this report by Barry Bateman, listen below:

Written by: Lengwadishang Ramphele