NEWS

Atul Gupta Is The R10-Billion Man

The rich list is based on the value of disclosed directors' holdings in JSE-listed companies covering the period between December 2015 and November 30 2016.

11/12/2016 10:12 SAST | Updated 11/12/2016 10:34 SAST
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At the end of November last year, Atul's stake in Oakbay was worth R16.48-billion.

Close friend of President Jacob Zuma and prominent member of the Gupta family, Atul Gupta has made the top ten of South Africa's rich list, with wealth valued at R10-billion.

The Sunday Times released it's rich list on Sunday, which saw Atul knock out businessman Patrice Motsepe from the top ten. The list includes Shoprite's Christo Wiese, Glencore's Ivan Glasenberg and FirstRand's Laurie Dippenaar.

The list is based on the value of disclosed directors' holdings in JSE-listed companies covering the period between December 2015 and November 30 2016.

The Guptas, who listed their investment vehicle - Oakbay Holdings - only in November 2014 previously did not feature on the list, the paper reported.

"At the end of November last year, Atul's stake in Oakbay was worth R16.48-billion, placing him in the dollar-billionaire ranks at $1.17-billion. However, Oakbay Holdings' shares have since declined by 31.2%, stripping him of this status."

According to the report, the Guptas came to SA in 1993 seeking business opportunities and their rise up the business ranks has coincided with Zuma's presidency. The Gupta businesses have employed the president's kids Duduzile and Duduzane as well as his wife Bongiwe Ngema-Zuma.

Never without controversy, the family has been tied to a number of dodgy deals the latest being laundering allegations against them.

Watch: Gupta's Money Laundering Allegations Explained In 60 Seconds