Today's Big Stories

State-owned IDC funded bulk of Gupta uranium mine company - reports

The Gupta family insists that their relationship with government is above board, despite the ongoing outpouring of information which suggests otherwise.

Financial Mail editor Rob Rose revealed that in 2010 the Guptas bought their mining company Shiva Uranium with R250 million of funding (90% of the purchase price) from the state-owned Industrial Development Corporation (IDC).

According to Rose, the loan was meant to be repaid in 2013 but the IDC chose to cut the interest rate instead and convert the debt into a 3% share of the company.

It seems innately weird that they would take a R250m loan and convert that into 3% of a company that costs R270m to buy entirely in the first place.

Rob Rose, Financial Mail editor

Listen to the full conversation from CapeTalk's Breakfast with Kieno Kammies:

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