Despite what it may look like, the quality of life for most people who are able to emigrate deteriorates significantly, writes Melanie Verwoerd.
A last-minute, hand-written amendment to a contract forced the Industrial Development Corporation (IDC) to trade R256 million for now-worthless shares in the Gupta family’s Oakbay Resources and Energy at inflated prices in 2014.
The Industrial Development Corporation should “follow the lead of the commercial banks and give the president’s pals a wide berth in future”, says the Democratic Alliance.
Industrial Development Corporation officials met with Atul Gupta and members of his business ahead of providing financial assistance to Oakbay, it has been revealed.
The Guptas’ Oakbay Resources and Energy expects to make a loss of R16.913m in 2016, which it says is a 56% improvement from 2015’s loss of R38.94m.
The Industrial Development Corporation has “jumped from the frying pan into the fire with a questionable restructuring deal” with Gupta-owned Oakbay, the DA has explained.
MosselbaaiCalandria Labour Consultants
Somerset WestAfrica Experience Collection (PTY) LTDR40 000.00 - R70 000.00 Per Month
Apartments / Flats
R 1 550 000
R 2 350 000
We subscribe to the Press Code.
You choose what you want
News24 on Android
Get the latest from News24 on your Android device.
Terms and Conditions
24.com Terms and Conditions - Updated April 2012
Creating your profile will enable you to submit photos and stories to get published on News24.
This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.