State Holds Onto Gupta, Sharma ‘Loot’, Houses In Constantia, Sandton

Voiced by Amazon Polly

The Bloemfontein High Court on Friday dismissed a last-minute application brought by the directors of Gupta-owned Islandsite to postpone the return day of the provisional restraint order against the company, Iqbal Sharma, and others.

“They sought a postponement pending their application to the SCA to appeal against the August 2021 ruling of Musi JP that the business rescue practitioners of Islandsite, not the directors, have authority to represent Islandsite in the restraint proceedings,” explained Investigating Directorate Spokesperson Sindisiwe Seboka.

On 16 May, Snellenburg AJ will provide a written judgment for dismissing the postponement application.  

The interim restraint order remains in force until the next court hearing scheduled for 20 and 21 October, when the confirmation hearing is expected to be heard.

The assets under restraint include property of Iqbal Sharma and his wife, his UAE-registered company, Issar Global, his wife Tarina Patel-Sharma, as well as all property of Islandsite Investments 180 (Pty) Ltd, which is owned by Atul and Rajesh Gupta and their respective wives, Chetali and Arti Gupta. 

The interim restraint order was granted in June 2021, in terms of the Prevention of Organised Crimes Act (POCA).

Sharma’s assets that form part of the curator’s inventory include his Sandton home valued at over R12 million.

The property was featured on the lifestyle television programme, Top Billing, and is owned by Issar Global.

Other assets include movable property valued at R500 000, a Porsche and a R1.3 million sectional title home in Sandton.

Properties owned by Gupta family company Islandsite that form part of the inventory include a house worth R21m in Constantia, Cape Town, and a R12m house in Saxonwold, Johannesburg.