Reserve Bank seizes R19m of Gupta assets

The forfeiture was gazetted by the central bank’s deputy governor Kuben Naidoo on Wednesday.  

The company was formed in 1994 by the embattled Gupta brothers and quickly established itself as an independent IT distributor in Southern Africa. 

But Sahara Computers closed its doors in 2018 amid allegations that the Gupta trio, Ajay, Rajesh and Atul, were using their influence to capture the South African state under former president Jacob Zuma.  

NOW READ: Eskom hikes electricity tariffs, fuel price expected to increase

In a forfeiture report Naidoo said the Minister of Finance has, by virtue of the provisions of the Exchange Control Regulation 22E, delegated the powers conferred upon Treasury to execute the forfeiture of the funds to the state,  

The funds will go to the National Revenue Fund. 

"By virtue of the functions, powers and or duties vested in me in my capacity as the deputy governor of SARB, in terms of the delegation and as assignment of the functions, powers and/or duties referred to above, I hereby give notice of a decision to forfeit to the state the following money, and I hereby declare and order forfeits to the state the following money namely: the amount of R19 669 000 standing to the credit of the respondent in account number ***** held within Nedbank Limited together with any interest thereof or any other accrual thereto,” the gazetted notice reads.