South Africa: Businessman recounts sneaky Gupta acquisition of VR Laser

In late 2013, on the sidelines of a defence exhibition in Abu Dhabi, Jiyani would meet Gupta kingpin, Salim Essa, for the first time.

He was shopping for a financier for the buyout because he believed the company had a potential sovereign capability. Months later, following a rigmarole of a process involving Ernst & Young and Regiments Capital, the deal was inked and Jiyane and Essa, through his company, Elgasolve,Or so he thought. Jiyane told the commission how, soon after he entered into the partnership with Essa, the worried staff at VR Laser Services called him back to the office from festive season leave.

There were meant to be two shareholders, Jiyane and Elgasolve, which was owned by Essa. But, he says, he never saw Essa again.Jiyane immediately sensed “hostility” and became uncomfortable with the “new owners”.

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