Fugitive Gupta Brothers Lose Control Of Islandsite

The Bloemfontein High Court has ruled that the Business Rescue Practitioners of the Gupta-owned company Islandsite have the legal standing to represent the company in legal proceedings.

The ruling comes after the NPA brought a successful application to restrain the assets of Iqbal Sharma, his company Nulane Investments 204 (Pty) Ltd, and Islandsite Investments 180 (Pty) Ltd.

Islandsite is owned by brothers Atul and Rajesh Gupta and their wives, Chetali and Arti Gupta.

Last week on 5 August, the directors of Islandsite through Ronica Ragavan, opposed the confirmation of the unlimited restraint order against the company.

Islandsite is in business rescue under the authority of Kurt Knoop and Johan Kloppers as the business rescue practitioners.

Free State Judge President Cagni Musi on Wednesday delivered an order electronically confirming the legal position of Knoop and Klooper.

‘’Therefore, the application for leave to appeal against the order of the Supreme Court of Appeal filed with an application for condonation did not suspend the order of that court,” explained NPA Investigating Directorate Spokesperson Sindisiwe Seboka.

“That said, it means that the business rescue practitioners are still in ‘charge’ of the company’s affairs, business and property pending the outcome of the application for condonation.’’

The provisional restraint order against Sharma, Islandsite and others has been extended to 18 November 2021.

The Gupta brothers, who fled South Africa with their families, are thought to be holed up in Dubai.

Two of the three Indian-origin Gupta brothers – Atul and Rajesh – are now officially wanted fugitives after Interpol has issued red notices against them.

They are wanted in connection with the looting of billions of rand from state and parastatal institutions.