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The Gupta family has successfully had a judgment against four of their companies rescinded by the South Gauteng High Court.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Shiva Uranium approached the South Gauteng High Court to ask that the judgment be rescinded.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.

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