South Africa’s Guptas, allies of President Jacob Zuma, to sell all local businesses

JOHANNESBURG: South Africa’s Gupta family, which has been accused of using its friendship with President Jacob Zuma for gain, said it will sell all of its South African business interests by the end of the year.

The family is in talks with "several international prospective buyers" and expects to make further announcements soon, it said in a surprise statement e-mailed on Saturday by its Oakbay Investments Ltd holding company.

While Gupta family members stepped down from roles at companies including Oakbay Resources earlier this year, there had been no public indication that a sale was being considered.

The announcement comes about five months after senior officials from the governing African National Congress alleged that the family offered them cabinet posts, fueling speculation about how much influence the Guptas had over Zuma.

The allegations spurred a probe by the party, which was dropped, and another by the Public Protector, the graft ombudsman. The Guptas deny any wrongdoing.

"As a family, we now believe that the time is right for us to exit our shareholding of the South African businesses which we believe will benefit our existing employees, and lead to further growth in the businesses," the family said in the statement.