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Gupta company directors lose court bid – assets remain under restraint

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The high court in Bloemfontein on Friday dismissed a last-minute application by the directors of Gupta-owned company Islandsite Investments 180 (Pty) Ltd in the restraint application brought by the Investigating Directorate.

The matter was set to be heard on Thursday for the business rescue practitioners for Islandsite, Sharma and his company Nulane Investment to show cause why the provisional restraint order should not be confirmed pending the criminalOn Friday, acting judge Neil Snellenburg said he would provide written reasons for dismissing the postponement application on Monday.

“The interim restraint order remains in force until the next court hearing on October 20-21, when the confirmation hearing is expected to be heard,” ID spokesperson Sindisiwe Seboka said. She said the assets under restraint include property of Sharma and his wife, his United Arab Emirates-registered company, Issar Global, as well as all property of Islandsite.Sharma’s assets that form part of the curator’s inventory include his Sandton home valued at more than R12m, movable property valued at R500 000, a Porsche and a R1.3m sectional title home in Sandton., Cape Town, and a R12m house in Saxonwold, Johannesburg.

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