VR Laser shareholder forced to sell shares below market value, Zondo hears | IOL News

Johannesburg - The Zondo commission has heard how a shareholder of Gupta-linked VR Laser was forced out of the company and pressured to sell his shares for less than the market value.

When he returned to South Africa he met with Essa who introduced him to his business partner Iqbal Sharma. From then on Jiyane said he was sidelined and his staff was instructed to report to the men and not to him. A few weeks later, in February 2014, Jiyane said he was forced to sell his shares in the company when it became clear that he was not wanted.

Denel, whose board was chaired by Daniel Mantsha - who has been accused of working with the Guptas, signed off on the deal

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Denel joint venture with company owned by Gupta ally 'made no sense', state capture commission toldFormer Denel board chair Martie Janse van Rensburg says the joint venture between the state armaments company and VR Laser, a company owned by an associate of the Gupta family, did not 'make commercial sense' Again it was under the watch of an Government official.
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Denel joint venture with company owned by Gupta ally 'made no sense', state capture commission toldStateCaptureInquiry 'The outgoing board did not consider the establishment of Denel Asia. In my opinion if you would like to establish such a type of subsidiary in another country, there's a lot of market intelligence homework that needs to be done.'
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#PICInquiry: AYO shares initially valued as high as R47 | IOL Business ReportPIC official says the P/E gave a base case value of R43 a share, which was derived from earnings a share of R2.68 a share multiplied by 16 x P/E.
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