A Gupta owned share register has shown that the Indian-South African out-of-favour Gupta family helped in Bongi Ngema Zuma’s house acquisition. More shocking revelations have continued to emerge after South Africans thought the family’s premature exit from the country has ended all their nightmare.
The Gupta family’s unplanned exit was openly celebrated by few, many kept mute, some asserted that their exit will not stop them from influencing Zuma’s administration, while others gladly waited to hear the aftermath of their exit on their ‘indigenous allies’.
However, another shocking revelation about the Indian-South African family has emerged and this time, it has got nothing to do with ministers or top ANC leaders but it has everything to do with Zuma’s wife – Ngema-Zuma.
14 days ago, a local daily – City Press was permitted to access the share registers of various Gupta companies, including Westdawn Investments, which trades as JIC Mining Services. Westdawn is owned by Oakbay Investments, while smaller stakes in the company are being indirectly owned by Atul Gupta and Duduzane Zuma.
So, as asserted by the local daily, they found excerpts from minutes of a board meeting held in Midrand on February 10, 2010 in the company’s register. The said register indicated that JIC clearly agreed to bankroll the purchase of the Waterkloof house by the First Lady’s trust.
The minutes of the board meeting, which was included into the company’s register reads,
“Bank of Baroda Johannesburg has agreed to sanction certain credit facility to Sinqumo Trust aggregating R3 840 000. The bank has asked for the corporate guarantee of the company to secure the loan.”
As revealed, the R3.84 million loan from Bank of Baroda would be paid off over five years through hefty monthly installments of R79 715.
The register also indicated that JIC’s board agreed that the company would agree to guarantee “all amounts which may be or become owing by [Sinqumo Trust] to the bank under and by virtue [of] the above credit facility”.
It is paramount to note that as at the time JIC’s board took the resolution, it was widely reported that Zuma and Ngema-Zuma were engaged, though Zuma had just married Tobeka Madiba at that time. And after few months, Ngema-Zuma was employed as JIC’s head of communications and marketing
Meanwhile, the local daily asserted that when the Guptas’ spokesperson, Gary Naidoo was earlier confronted about this issue in 2012, he denied that the family helped Ngema-Zuma secure a R3.84-million home loan from the Bank of Baroda.
Naidoo told the Mail & Guardian that “The Gupta family or its businesses deny any involvement in any employee’s personal dealings with any institution. Therefore, there should be no confusion that we contributed in any way to the raising or paying of the bond for Ms Ngema-Zuma.”
With this report, it is now clear that the affluent company actually agreed to guarantee the very ‘ambitious bond’ which was expected to be paid in installments of almost R80000 over five years for Bongi Ngema Zuma’s house. Bongi Ngema Zuma’s house is obviously one of Pretoria’s most exclusive suburbs, with a price tag of R5.2 million.
Bongi Ngema Zuma’s house, which belongs to the Sinqumo Trust was bought in 2010. The only disclosed trustee of the trust is First Lady Bongi Ngema-Zuma.
Meanwhile, when Ngema-Zuma and JIC was approached on Wednesday for comment, both could not responded to several requests made by phone and sent via email. JIC referred all queries to Gupta company Oakbay Investments.
Duduzane was appointed a director to 12 different companies in the Gupta empire before he stepped down few weeks ago. Now, the Guptas family’s existence in SA matters less, what worries everyone now is the sprouting of the seeds they planted in the country.