NATIONAL NEWS - The Gupta family says its sold its Tegeta Exploration and Resources business in order to preserve the employment of its staff.
The controversial family made the sale to Swiss-based company Charles King SA for over R2.9 billion.
Tegeta is at the centre of the state of capture report which found irregularities with its dealings with Eskom.
In a statement, Gupta-owned company Oakbay says the sale is part of its commitment to preserve jobs, provide certainty to over 7,500 hardworking employees throughout the group and safeguard the inherent value of the businesses in which they work.
It says it believes the new ownership will allow the business and its employees to have the bright and prosperous future they deserve.
The statement adds the sale will allow the Gupta family time to focus on clearing its name in the face of what it calls unfounded media allegations.
Gupta: Tegeta sale to preserve jobs
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Atul Gupta.
Posted on: 12:39 Wed, 23 August 2017
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