Business South Africa

South Africa: Reserve bank seizes more than R19 Million from the Guptas

The South African Reserve Bank (SARB) has seized R19,669,000 from Sahara Computers (Pty) Limited, a company which was central to the Gupta brothers’ local business empire.

The forfeiture, gazetted by SARB governor Kuben Naidoo within the Treasury’s powers of the Exchange Control Regulations, was issued on Wednesday. Under forfeiture rules, seized funds are deposited directly into the National Revenue Fund.

Atul Gupta started Sahara computers in 1994, not long after first arriving in South Africa. He was joined by his brothers, Ajay and Rajesh shortly thereafter. The hardware distribution company is regarded as the Gupta brothers’ first significant business interest on South African soil.

Lungilwe Zingi.

 

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