Guptas tell ANC’s top six of wider conspiracy: report

 ·6 May 2016

The Gupta family, through their investment company Oakbay Investments, has outlined how South Africa’s banks are being controlled by the Rupert family, BDLive reports.

According to the publication, the Gupta family made a presentation to the ANC’s top six at a “high level meeting”, claiming that ‘Project Spiderweb‘ was real, and that they were victims in a wider conspiracy.

Project Spiderweb is an apparent ‘intelligence dossier’ that was released in August 2015, containing a conspiracy for “the white establishment” to retain control of the Treasury.

It names former finance minister, Trevor Manuel and Absa CEO Maria Ramos as key players in the conspiracy, with links between Treasury, foreign governments and white businesses.

Treasury called the document “baseless and vexatious”.

According to BDLive, however, Oakbay said in its presentation that the document is true and that these groups – especially the Rupert family, through Remgro – had all come together to conspire against the Gupta family.

Following damning claims in February 2016 from deputy finance minister Mcebisi Jonas that the Gupta family were getting deeply involved with political manipulation, South African financial institutions pulled out of businesses linked to the family.

The first group to pull the plug was auditing firm, KPMG, which cited reputational concerns from dealing with the the family. Absa, Standard Bank, Nedbank and FNB then followed Sasfin in dropping the family soon thereafter.

To date, no charges have been brought against the Gupta family or its businesses.

More on the Guptas

Guptas ‘backed’ ANC Youth League leader’s bond for R5.4m home: report

Banks’ decision on Gupta company could deter investors – Cabinet

Gupta staff tell of Zuma visits and ‘bulging’ bags of cash

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