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”.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

VR Laser shareholder forced to sell shares below market value, Zondo hears | IOL NewsThe Zondo commission has heard how a shareholder of Gupta-linked VR Laser was forced out of the company and pressured to sell his shares.
Source: IOL - 🏆 46. / 51 Read more »

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.
Source: SowetanLIVE - 🏆 13. / 63 Read more »

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.'
Source: TimesLIVE - 🏆 28. / 59 Read more »

VR Laser shareholder forced to sell shares below market value, Zondo hears | IOL NewsThe Zondo commission has heard how a shareholder of Gupta-linked VR Laser was forced out of the company and pressured to sell his shares.
Source: IOL - 🏆 46. / 51 Read more »