Guptas have stake in Denel Asia partner

SA defence and technology company Denel produces armoured vehicles, among other things. File picture: Supplied

SA defence and technology company Denel produces armoured vehicles, among other things. File picture: Supplied

Published Feb 8, 2016

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Johannesburg - South Africa’s Gupta family, which is in business with one of President Jacob Zuma’s sons, has a minority interest in a joint-venture partnership that the state-owned defence-manufacturing company Denel has in Asia.

“The family investment vehicles have a minority shareholding in VR Laser South Africa,” Gary Naidoo, a spokesman for the Gupta family, said in an emailed response to questions on Saturday.

“The South African entity has entered a strategic alliance with Denel Asia in which it will handle some of the manufacturing for some of the business generated by the new entity, based on Denel’s evaluation on whether to outsource or handle the manufacturing themselves.”

Denel announced the establishment of Denel Asia in partnership with VR Laser in a statement last week.

The Gupta family has interests in media, mining and technology companies.

The opposition Democratic Alliance said this week that Glencore was “forced” by Mines Minister Mosebenzi Zwane to sell its Optimum coal operation to the family’s Tegeta Exploration & Resources. In response to the criticism, Glencore on February 3 referred to a January 31 statement in which it said it was “pleased with the terms of the transaction”.

BLOOMBERG

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