Guptas revoke court ruling

2013-05-26 14:00

The Gupta family has successfully had a judgment against four of their companies rescinded by the South Gauteng High Court.

The companies – Oakbay Investments, Action Investments, Oakbay Resources and Energy, and Shiva Uranium – were taken to court in 2011 by Johannesburg law firm Cliffe Dekker Hofmeyr (CDH) over the nonpayment of R500 000 in legal fees.

CDH obtained a default judgment against the companies after all four failed to respond to a summons stating that they were in arrears.

Two months later, Atul Gupta – the middle brother – settled the outstanding amount on behalf of the four companies, paying R538 139 to CDH.

But nearly two years later, the default judgment came back to haunt Shiva Uranium, which counts the Gupta family and President Jacob Zuma’s son Duduzane among its directors.

In court papers, Shiva Uranium said it approached Standard Bank to obtain a loan for a new project.

But the bank told company bosses a default judgment was still in place against Shiva Uranium and the three other companies, and this meant it had an adverse credit record.

Shiva Uranium approached the South Gauteng High Court to ask that the judgment be rescinded.

This happened in April.

Gupta family spokesperson Gary Naidoo disputed statements made in the court papers.

“We can categorically state that Shiva Uranium has not applied for any loans from Standard Bank for any new projects,” Naidoo told City Press when approached for comment.

Join the conversation! encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions. publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Inside News24


Book flights

Compare, Book, Fly

Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.