{"id":82090,"date":"2017-07-12T12:11:54","date_gmt":"2017-07-12T11:11:54","guid":{"rendered":"https:\/\/buzzsouthafrica.com\/?p=82090"},"modified":"2020-05-11T14:21:56","modified_gmt":"2020-05-11T13:21:56","slug":"gupta-family-net-wort","status":"publish","type":"post","link":"https:\/\/buzzsouthafrica.com\/gupta-family-net-wort\/","title":{"rendered":"Gupta Family Empire And Net Worth: Just How Rich And Powerful Are The Guptas?"},"content":{"rendered":"<p style=\"text-align: justify;\">To say that the Gupta family is rich is an understatement. The family is super rich. Some parts of the US call their type\u00a0<em>Brahmin\u00a0<\/em>or\u00a0<em>the glitterati. \u00a0<\/em>In short, the Gupta family is a billionaire family.<\/p>\n<p style=\"text-align: justify;\">Everyone can be rich but it takes lots of smart investments, frugality, strong business IQ and of course for the Guptas, strong political influence to get to the top list of what people call the &#8220;stinkingly rich people&#8221;<\/p>\n<p style=\"text-align: justify;\">The Gupta family may not be among the world billionaires, the family is arguably one of the most influential people in the world.<\/p>\n<p style=\"text-align: justify;\">In 1993 when three sons of the Gupta patriarch moved their families to Durban from dusty Saharanpur in Northern India, they believed they\u00a0would flourish because \u201cSouth Africa was the new America.\u201d<\/p>\n<p style=\"text-align: justify;\">But in their wildest dreams, the family never believed it possible to transform their worldly assets of R1.3m into billions of rand\u00a0in just two decades.<\/p>\n<p style=\"text-align: justify;\">How is that if you may ask, the family found a ready audience and bribable politicians who through them, they were able to acquire sweet deals on State licences and assets.<\/p>\n<p style=\"text-align: justify;\">The Gupta family owns a business empire spanning computer equipment (Sahara Computers and Sahara Systems), media and mining and in\u00a02016 Atul Gupta became the 7th wealthiest person in South Africa with an estimated net worth of <strong>R10.7 billion (US$773.47 million)<\/strong>, based on\u00a0JSE-listed holdings.<\/p>\n<p style=\"text-align: justify;\">The family&#8217;s parent company Sahara Group\u00a0now has an annual turnover of about 200m rand <strong>($22m; \u00a314.3m)<\/strong> and employs some 10,000 people.<\/p>\n<h2 style=\"text-align: justify;\">Gupta Family Business Empire and Net Worth<\/h2>\n<p style=\"text-align: justify;\">In mining, the Gupta family has good shares in:<\/p>\n<ul style=\"text-align: justify;\">\n<li>Oakbay Resources and Energy<\/li>\n<li>Uranium and gold mining and processing company,<\/li>\n<li>Shiva Uranium Mine,<\/li>\n<li>Tegeta Exploration and Resources,<\/li>\n<li>Westdawn Investments (Pty) Ltd t\/a JIC Mining Services and<\/li>\n<li>Black Edge Exploration.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">In Media, the family has interests in:<\/p>\n<ul style=\"text-align: justify;\">\n<li>TNA Media (Pty) Ltd, including\u00a0The New Age, a national newspaper, and\u00a0ANN7\u00a0(African News Network), a 24-hour news channel.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Other interests include VR Laser Services<span style=\"font-size: 13.3333px;\">,\u00a0<\/span> steel fabrication for mining, engineering and armoured vehicle applications, Island site Investment 180,\u00a0Confident Concepts. The Guptas also have links to the passenger airline\u00a0Jet Airways.<\/p>\n<p style=\"text-align: justify;\">However, the recent revelations from the series of leaked emails exposed by the media have shown that the &#8220;corrupt&#8221; Gupta family does not only have a strong influence in South Africa&#8217;s politics through their relationship with President Jacob Zuma, the family has a strong influence on three world companies namely:<\/p>\n<ul style=\"text-align: justify;\">\n<li>SAP- The German multinational software corporation,<\/li>\n<li>KPMG &#8211; A global network of independent member firms offering audit, tax and advisory services.<\/li>\n<li>McKinsey &#8211; A worldwide management consulting firm<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">According to reports, these three companies have been touched by the alleged Gupta capture. SAP, for instance, a software firm that provides software systems to multinational corporations and governments, reportedly\u00a0agreed to pay \u201c10 percent sales commission\u201d to a company controlled by the Gupta family.<\/p>\n<p style=\"text-align: justify;\">The evidence suggests that the company that was founded in 1972 and headquartered in Walldorf, Germany, was deliberately interposed to obscure Gupta involvement and to launder the proceeds to them.<\/p>\n<p style=\"text-align: justify;\">Further investigation into leaked Gupta emails by the Times shows that confidential contracts between state companies and software firm, SAP, landed up in the hands of the controversial family.<\/p>\n<p style=\"text-align: justify;\">The leaked emails show correspondence between senior SAP South Africa officials and their counterparts at Gupta-owned Sahara Computers where some of the confidential information was given.<\/p>\n<p style=\"text-align: justify;\">Other under Gupta reach include draft SAP contracts which were forwarded directly to the wealthy family by their \u2018lieutenants\u2019 \u2013 business partners, Salim Essa and Ashua Chawla.<\/p>\n<p style=\"text-align: justify;\">Industry experts say that having access to contract information is akin to \u2018insider trading\u2019, as it would allow a business to mould itself to be the perfect business partner for government, and secure contracts worth millions, if not billions.<\/p>\n<p style=\"text-align: justify;\">The KPMG whose\u00a0member firms\u2019 clients include business corporations, governments, public sector agencies and not-for-profit organisations, is known for a consistent standard of service in terms of providing a high order professional capabilities, industry insight and local knowledge.<\/p>\n<p style=\"text-align: justify;\">But, in a recent\u00a0investigative report conducted by amaBhungane,\u00a0KPMG South Africa failed to raise alarms when Linkway, a Gupta family company diverted the equivalent of $3.3 million of public fund.<\/p>\n<p style=\"text-align: justify;\">In effect of this accounting, sleight is that not only was the wedding effectively paid for from funds diverted from the Free State government\u2019s coffers, but the Guptas paid no income tax on this windfall.<\/p>\n<p style=\"text-align: justify;\">Linkway Trading was a project management company in the Oakbay Group that, inter alia, project-managed the wedding of the niece of the Oakbay Gupta directors.<\/p>\n<p style=\"text-align: justify;\">KPMG offered no explanation in Linkway\u2019s audited financials why a supposedly unrelated third party in Dubai would pick up the Guptas\u2019 R30million wedding bill &#8211; or why a wedding was a bona fide business expense. The income was offset against Linkway\u2019s expenses, resulting in Linkway\u2019s receiving zero taxable income from its Free State windfall.<\/p>\n<p style=\"text-align: justify;\">Atul Gupta, while insistent that the family had done nothing wrong, issued an apology. He said his family was &#8220;simply trying to give [our] daughter&#8230; a memorable wedding on South African soil&#8221;.<\/p>\n<p style=\"text-align: justify;\">The wedding was between Vega Gupta, daughter of the brothers&#8217; sister Achla, to Aakash Jahajgarhia, 24, a Delhi businessman.<\/p>\n<p style=\"text-align: justify;\">The 200 guests, in a convoy of luxury vehicles, were given a police escort to the Sun City holiday resort in Rustenburg in the North West province.<\/p>\n<p style=\"text-align: justify;\">For\u00a0McKinsey, a report from the <a href=\"https:\/\/buzzsouthafrica.com\/leaked-gupta-emails\/\">leaked Gupta email<\/a> says the company\u00a0was hired by Eskom for R1billion to improve efficiencies and cut wasteful expenditure.<\/p>\n<p style=\"text-align: justify;\">Instead, McKinsey struck with Trillian Capital Partners -the company majority-owned by Gupta associate Salim Essa- and mocked Eskom\u2019s problems by handing at least R266million of Eskom\u2019s money to a company that in the words of McKinsey\u2019s own executives\u2019 was merely there to receive 30percent of the contract \u201cin return for not much work\u201d.<\/p>\n<p style=\"text-align: justify;\">The Gupta family deals with these companies indicate just how much the family&#8217;s powers\u00a0touch across the world.<\/p>\n<p style=\"text-align: justify;\">Not only is the family making strong business and making much gains in return, Guptas are making themselves comfortable in every way possible. The family is said to be building a Hindu temple at a cost of R200m in India.<\/p>\n<p style=\"text-align: justify;\">The Gupta family bought a home in\u00a0Dubai\u2019s Emirates Hills worth\u00a0110 million dirhams (R448 million). It was, at the time, the most expensive house in the United Arab Emirates (UAE).<\/p>\n<p style=\"text-align: justify;\">This residence, situated in \u201cDubai\u2019s most expensive postcode\u201d is decorated in marble and gold, and with 10 bedrooms, 13 bathrooms, 9 reception rooms, a double grand staircase, hand-painted dome, space for 11 cars, and chandeliers in virtually every room, the house is extravagant even by Dubai\u2019s standards.<\/p>\n<p style=\"text-align: justify;\">The family was at a time accused of wielding enormous political influence in South Africa, with critics alleging that it has captured the state police and the military who now enormously guard their empire.<\/p>\n<h2 class=\"story-body__crosshead\" style=\"text-align: justify;\">The Gupta -Zuma Relationship Equals The\u00a0Zuptas<\/h2>\n<p style=\"text-align: justify;\">\u2022 Bongi Ngema-Zuma, one of the president&#8217;s wives, used to work for the Gupta-controlled JIC Mining Services as a communications officer<\/p>\n<p style=\"text-align: justify;\">\u2022 Duduzile Zuma, his daughter, was a director at Sahara Computers<\/p>\n<p style=\"text-align: justify;\">\u2022 Duduzane Zuma, a son, was a director of some Gupta-owned companies but stepped down earlier this year following the public pressure<\/p>\n<p style=\"text-align: justify;\">The truth is, the Gupta family may decide to sell off all their shares in strings of businesses in South Africa, including Sahara Computers, as they earlier announced, financial firms in South Africa may as well choose to withdraw from offering services to\u00a0the wealthy family, but the family&#8217;s influence in major political and world companies is still fast spreading. Their financial taps still run!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>To say that the Gupta family is rich is an understatement. The family is super rich. Some parts of the US call their type\u00a0Brahmin\u00a0or\u00a0the glitterati. \u00a0In short, the Gupta family is a billionaire family. Everyone can be rich but it takes lots of smart investments, frugality, strong business IQ and of course for the Guptas, [&hellip;]<\/p>\n","protected":false},"author":37,"featured_media":82115,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_oasis_is_in_workflow":0,"_oasis_original":0,"_oasis_task_priority":"","footnotes":""},"categories":[438],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gupta Family Empire And Net Worth: Just How Rich Are The Guptas?<\/title>\n<meta name=\"description\" content=\"The Gupta family is a wealthy family known for its strong influence in the South African government through President Zuma, Find out how rich and powerful the family is,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/buzzsouthafrica.com\/gupta-family-net-wort\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gupta Family Empire And Net Worth: Just How Rich Are The Guptas?\" \/>\n<meta property=\"og:description\" content=\"The Gupta family is a wealthy family known for its strong influence in the South African government through President Zuma, Find out how rich and powerful the family is,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/buzzsouthafrica.com\/gupta-family-net-wort\/\" \/>\n<meta property=\"og:site_name\" content=\"BuzzSouthAfrica.com\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/BuzzSouthAfrica\/\" \/>\n<meta property=\"article:published_time\" content=\"2017-07-12T11:11:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-11T13:21:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/buzzsouthafrica.com\/wp-content\/uploads\/The-Gupta-family-2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"890\" \/>\n\t<meta property=\"og:image:height\" content=\"462\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Rachael Gumede\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@buzzsouthafrica\" \/>\n<meta name=\"twitter:site\" content=\"@buzzsouthafrica\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rachael Gumede\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/buzzsouthafrica.com\/gupta-family-net-wort\/\",\"url\":\"https:\/\/buzzsouthafrica.com\/gupta-family-net-wort\/\",\"name\":\"Gupta Family Empire And Net Worth: Just How Rich Are The Guptas?\",\"isPartOf\":{\"@id\":\"https:\/\/buzzsouthafrica.com\/#website\"},\"datePublished\":\"2017-07-12T11:11:54+00:00\",\"dateModified\":\"2020-05-11T13:21:56+00:00\",\"author\":{\"@id\":\"https:\/\/buzzsouthafrica.com\/#\/schema\/person\/8ad97fc8404bd3b3da13465732618f23\"},\"description\":\"The Gupta family is a wealthy family known for its strong influence in the South African government through President Zuma, Find out how rich and powerful the family is,\",\"breadcrumb\":{\"@id\":\"https:\/\/buzzsouthafrica.com\/gupta-family-net-wort\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/buzzsouthafrica.com\/gupta-family-net-wort\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/buzzsouthafrica.com\/gupta-family-net-wort\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/buzzsouthafrica.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Gupta Family Empire And Net Worth: Just How Rich And Powerful Are The Guptas?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/buzzsouthafrica.com\/#website\",\"url\":\"https:\/\/buzzsouthafrica.com\/\",\"name\":\"BuzzSouthAfrica.com\",\"description\":\"BuzzSouthAfrica\",\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/buzzsouthafrica.com\/#\/schema\/person\/8ad97fc8404bd3b3da13465732618f23\",\"name\":\"Rachael Gumede\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/buzzsouthafrica.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/buzzsouthafrica.com\/wp-content\/uploads\/Chika-Udeh-96x96.png\",\"contentUrl\":\"https:\/\/buzzsouthafrica.com\/wp-content\/uploads\/Chika-Udeh-96x96.png\",\"caption\":\"Rachael Gumede\"},\"description\":\"Rachael is a content developer and a huge music geek. 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