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Gupta-company directors seek postponement in asset-restraint case

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The bid by the Investigating Directorate (ID) to restrain the assets belonging to former Gupta associate Iqbal Sharma and a company belonging to the Guptas was delayed on Thursday after the directors of Islandsite Investments 180 sought a postponement ...

When the National Prosecuting Authority’s ID brought a successful application to provisionally restrain the assets of Sharma, his company Nulane Investment and Islandsite in June last year, the directors of Islandsite — represented by Ronica Ragavan — sought to oppose the confirmation of the restraint order against Islandsite.

The business rescue practitioners of Islandsite indicated last year they would oppose the confirmation of the restraint order. Sharma’s assets that form part of the curator’s inventory include his Sandton home valued at more than R12m. After Musi's decision, Ragavan applied for leave to appeal the order that the directors and/or shareholders of Islandsite have no standing to oppose the restraint proceedings without the approval of the business rescue practitioners.

 

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