Gupta machinations suspected in sale of Optimum mine
NPA application for preservation order could be major step in the pursuit of those responsible for state capture and recovery of the money they stole
12 December 2021 - 00:00
The National Prosecuting Authority’s court action over Optimum Coal Mine (OCM) this week appears to reveal a pattern of money laundering between Gupta associates that implicates the mine’s prospective new owners.
The state’s court application for a preservation order on OCM comes three months before the mine was due to be transferred to Daniel McGowan, the owner of Bermuda-based company Templar Capital, which holds R1.3bn in claims against OCM. McGowan had persuaded business rescue practitioners and other creditors to convert the debt to equity and allow him to operate the business. ..
This article is reserved for Sunday Times subscribers.
A subscription gives you full digital access to all Sunday Times content.
Already subscribed? Simply sign in below.
Registered on the BusinessLIVE, Business Day or Financial Mail websites? Sign in with the same details.
Questions or problems? Email helpdesk@timeslive.co.za or call 0860 52 52 00.