Guptas buy R445 million villa in Dubai: report
The Gupta family have splashed out R445 million for what was the most expensive home in Dubai at the time it was listed, according to a report by the City Press.
When the house was listed in March 2015, it carried a price of 110 million dirham. It is located in the Emirates Hill “villa estate” which is gated community consisting of 632 villas centred around a golf course.
The area has become known as the “Beverly Hills” of Dubai, with the most expensive property up for sale there today at 128 million dirham (R518 million).
The Gupta’s massive home covers 40,800 square metres, and is decorated with marble and gold, offering 10 bedrooms, 13 bathrooms, 9 reception rooms and space for 11 cars, according to the report.
It was reported in April that the Gupta family had checked out of South Africa heading to Dubai, following allegations that the family had been involved with high-level political manipulation.
The last straw for the family came when all major South African banks and other financial institutions in the country started dropping the family and its businesses, because of the politics surrounding them.
KPMG, Sasfin and Absa started the wave, followed by FNB and Nedbank later. According to sources within the family’s business, it became impossible to do business in South Africa without the support of the banks, and so for the sake of the businesses and the employees, the family had to go.
The family’s main business in South Africa, Oakbay Investments however denied that the family had fled to Dubai, saying that the family had chosen to distance themselves from businesses in South Africa, and were not in hiding.
You can read the full story in the City Press for 8 May 2016. More images at Netwerk24.
More on the Guptas
Guptas tell ANC’s top six of wider conspiracy: report
Guptas ‘backed’ ANC Youth League leader’s bond for R5.4m home: report
Banks’ decision on Gupta company could deter investors – Cabinet
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