Are the Guptas about to pull off a scam – and score R2bn a year?

Koornfontein mines near Hendrina in Mpumalanga.
Koornfontein mines near Hendrina in Mpumalanga.
Image: Thulani Mbele

An elaborate plan to buy the Tegeta-owned Optimum and Koornfontein coal mines might see the Gupta family regain control of the lucrative assets it had to forfeit to a business rescue process – and score R2-billion a year in profits.

The two mines‚ which supply coal to Eskom‚ have been placed under business rescue after landing in financial difficulty when the Bank of Baroda withdrew its services‚ causing a standstill of the Guptas’ mining operations.

But now a company‚ whose key figure has been closely linked to the Gupta family‚ has stalled efforts by business rescue practitioners to sell the mines‚ threatening legal action.

“It has come to my attention‚ from many people … that this guy is a front [for the Gupta family]‚” a mining industry insider told Times Select.

For more on this story‚ please visit Times Select

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