HOW ALLIES OF SOUTH AFRICA’S INFAMOUS GUPTA FAMILY GAMED THE COUNTRY’S DIAMOND TRADE

On 23 August, a feature from OCCRP says that the Gupta family is the subject of a sprawling commission that’s probing years of theft of state resources. An OCCRP investigation has uncovered new details about how the family’s close allies systemically undervalued and sold off tens of millions of dollars-worth of diamonds.  It is claimed that a Gupta-linked company undervalued diamonds it sold on behalf of Alexkor, a firm owned by the South African government, and that diamonds valued at US$61 million sold for just $32 million.

https://www.occrp.org/en/investigations/how-allies-of-south-africas-infamous-gupta-family-gamed-the-countrys-diamond-trade

 

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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