Guptas sell controversial company Tegeta to the Swiss
The family is continuing to unload its assets in the face of an increasingly hostile business environment in SA.
The Gupta family’s selling spree this week has continued, with an announcement on Wednesday morning that it had sold its mining firm, Tegeta Exploration and Resources, to a Swiss-based company.
In a statement, Oakbay Investments said Charles King SA had bought the company for R2.9 billion.
Tegeta was fingered by the former public protector in state capture after it allegedly benefited improperly from an Eskom deal facilitated by the then CEO, Brian Molefe.
Tegeta scored deals worth billions despite alleged problems with its coal.
Finance Minister Malusi Gigaba ordered a probe by National Treasury into Tegeta.
This latest deal follows the announcement on Monday that Oakbay had sold The New Age and ANN7 to Mzwanele Manyi following long-time ongoing troubles with banks in South Africa and worldwide.
