The mine will be the most valuable Gupta asset in the hands of the state since the state capture scandal broke
The National Prosecuting Authority has set its sights on the Gupta-owned Optimum Coal Mine, which is in business rescue, in an ambitious plan to have it forfeited to the state as proceeds of crime.
Former president Jacob Zuma’s son, Duduzane, bought a sizeable stake in Tegeta just weeks before the company bought Optimum. CVL is part-owned by Gupta son-in-law Akash Garg, known to South Africans as the groom at the family’s infamousThe R1.3bn makes Templar Optimum’s largest creditor, and the company is in the process, together with Optimum’s business rescue practitioners, of converting debt to equity in a plan that will see a new Optimum begin operating.
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