By Staff Writer
The Gupta family are seeking ways to move tens of billions out of South Africa to the United Arab Emirates, as pressure mounts against the controversial family linked to state capture, The Sunday Times reported.
The controversial family wants to benefit from a new treaty between South Africa and the Middle Eastern tax haven without being heavily penalized by local authorities, according to the report.
The treaty, which was signed in December 2015, became effective in March this year.
In the months leading up to the treaty becoming effective, the Sunday Times reported that the family approached several top law firms for advice on how to go about moving the money.
“This intensified after local bank accounts belonging to the family, their businesses and other associates were shut down,” the Sunday Times said.
“The Guptas and President Jacob Zuma’s son Duduzane stand to benefit greatly from the treaty as it means massive tax breaks if they move money from South Africa.”
The Silent Coup: State Capture
A series of damning e-mails seen by the Sunday Times newspaper show that the Guptas run South Africa.
The Gupta Leaks is a set of data disclosed from within the heart of the Gupta empire. They consist of between 100,000 and 200,000 emails which reveal how the family does business and their engagements with the State and politicians.
The emails show how politicians and business people have been captured or are working hand-in-hand to push the Gupta’s agenda.