The Industrial Development Corporation (IDC) has denied giving favourable treatment to the Gupta family during the acquisition of their uranium mining company Shiva Uranium in 2010.
The Financial Mail alleged that the Guptas purchased Shiva Uranium with R250 million IDC funding which was not repaid, but converted into company shares instead.
IDC CEO Geoffrey Qhena said the state-owned institution considered the loan on its economic merits.
He confirmed that they provided the R250 million loan for the acquisition, however refuted claims that it amounted 90% of the purchase price.
Qhena explained that the Guptas are still repaying the loan and that the shares in Shiva Uranium were converted from its interest.
The amount that was converted to shares (3.57%) was not the loan - it was the interest... we converted into an equity. We have been paid R130 million of the original loan and R120 million is still being repaid.
— Geoffrey Qhena, IDC CEO
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