Guptas selling SA businesses, hit out at DA's David Maynier

AUGUST 29, 2016

The controversial Gupta family announced over the weekend that they are now considering selling all their shareholding in all all their South African businesses by the end of the year.

"Since our decision to step down from all executive and non-executive positions in all our South African business in April 2016, the local management team has grown our businesses from strength to strength, with turnover and profits showing good growth and more jobs created," Gary Naidoo, spokesperson for the Gupta Family, said in a statement.

"As a family, we now believe that the time is right for us to exit our shareholding of the South African businesses which we believe will benefit our existing employees, and lead to further growth in the businesses."

Naidoo said that the family was already in discussions with several international prospective buyers and will soon be in a position to make further announcements.

"We believe that this decision is in the best interests of our business, the country and our colleagues."

Meanwhile, the family hit out at the Democratic Alliance's (DA) David Maynier after he likened the family to rats abandoning a sinking ship.

“We will not back down and will do everything to ensure that the various investigations being conducted into the Gupta family’s businesses are concluded and that the results of those investigations are made public. The fact is that in the end the Guptas are like rats abandoning a sinking ship in South Africa,” said Maynier.

“However, for the Gupta family to suggest that their decision was taken to advance the interest of the country is plain dishonest."

The Gupta family said that it has become accustomed to the “shoot from the hip” approach from Maynier and his DA colleagues.

"While we remain true to our commitment to focus on our business, and to not enter the political arena, today’s comments from Maynier cannot go unanswered. 

"Despite the Family making it very clear that they remain South African citizens and plan to continue living in this country, Maynier attempts to grab media headlines by adopting emotive and dramatic language around the family leaving the country," it said.

"We would have expected Maynier to at least be honest enough to acknowledge that our businesses have always committed to cooperate with any statutory investigation announced so it is disingenuous for Maynier to suggest that our companies will not participate as required in any investigation. I am sure Mayner also understands that the directors and management teams are responsible, in line with the Companies Act, for all decision-making. 

"We are surprised that Maynier has not acknowledged the impact of his decision [and ongoing campaign against the Family] on foreign direct investment in our country as we believe many potential investors will be concerned about the treatment meted out to the family through a media narrative without any basis of wrong-doing.

"Finally, we appeal to Maynier to not use us as a football in his party-political battles."