SOUTH AFRICAN authorities are to launch a fresh attempt to seize the billions of rands that Indian-origin Gupta brothers illegally took out of the country after allegedly acquiring it through irregular deals with state departments, a media report said.
According to the report in Sunday Times, the Asset Forfeiture Unit (AFU) has enlisted the assistance of American law enforcement agencies after the US Treasury last week imposed sanctions against the three Gupta brothers -Ajay, Atul and Rajesh, and an associate, Salim Essa.
The US Treasury has said the Gupta family were "members of a significant corruption network and it leveraged overpayments on government contracts, bribery and other corrupt acts to fund political contributions and influence government actions".
Originally from Saharanpur in Uttar Pradesh, the Gupta family amassed a fortune in IT, media and mining industries over the past two decades in South Africa, allegedly through their closeness to former president Jacob Zuma, who himself is facing corruption charges.
The bulk of Guptas' assets in South Africa are expected to be auctioned off to repay creditors as the brothers had fled to Dubai.
But the AFU is now setting its sights on the money that was siphoned off to the US, the UK, and the UAE, the report said.
Among the allegations being probed by the AFU is how money was laundered into two Texas-based bank accounts held by nephews of the Gupta brothers- Ashish and Amol Gupta, it said.
Quoting sources, the report said the Americans are working closely with the AFU in building a case to recover money illegally moved to the US.
The AFU is reportedly also seeking assistance from the British law enforcement agencies to recover funds that were sent there by the Guptas through British banks.
South African Justice Minister Ronald Lamola has called on the UAE to ratify bilateral agreements initially signed in September last year, in terms of which the Gupta brothers could be extradited to face charges in South Africa.
Mago Capital acquires the 145,000 square foot Notting Hill Gate Estate for £180million.
Prideview Group plays key role, completing £200million in London deals this year
Eastway Estates to back Mago Capital’s future property investments.
Prideview powers Mago’s expansion
Mago Capital has purchased the 145,000 square – foot Notting Hill Gate Estate in London for £180 million from Frogmore and Morgan Stanley. The purchase is part of its push to expand its £500 million Central London portfolio, through Prideview Group deal. The company has been actively buying premium properties across Central London.
For Prideview Group, this is another important achievement. The firm has completed over £200 million in Central London deals so far this year, becoming a significant player in the premium property market.
"We've always believed in the long-term value of prime London real estate, and this deal reinforces that," said Jesal Patel, Principal at Prideview Group. "We were able to move quickly with Mago Capital to secure an exceptional property in one of London's most iconic locations."
Ed de Stefano from Tydus Real Estate, told BE news, "The Notting Hill Estate provided a fantastic opportunity to acquire a 100 per cent prime, recently redeveloped, mixed-use estate, in one of central London's most affluent submarkets."
The deal involved several specialists including Tydus Real Estate, Freedman + Hilmi, and Brotherton, showing how complex such large property purchases can be. Prideview Group's investment arm, Eastway Estates, sits on Mago Capital's board and will support their future property acquisitions.
Looking forward, Prideview Group wants to manage £1 billion worth of property within the next 12 to 24 months. The firm is looking to work with investment funds, property agents, brokers, and other property companies to buy more assets.
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