The influential Gupta family is still not giving up on their business conquest of South Africa.

More Gupta-linked companies have filed for business rescue, company documents show.

This comes shortly after the family’s Optimum Coal operations filed for business rescue earlier this month. This leaves their creditors holding a particularly busy bag of cats.

Earlier today, the Organisation Undoing Tax Abuse (OUTA) confirmed that more Gupta-linked companies have instituted voluntary business rescue proceedings.

The management of Confident Concepts (Pty) Ltd, Islandsite Investments 180 (Pty) Ltd, and Shiva Uranium (Pty) Ltd, have resolved to place the companies under business rescue, according to records filed with the Companies and Intellectual Property Commission (CIPC) on February 20, 2018.

But the move places their creditors at a significant risk.

The CIPC has previously reported that only 9.4% of companies that were the subject of business rescue proceedings managed to turn their fortunes around. By taking a resolution to go into business rescue, the management of the companies effectively secure the means to appoint the business rescue practitioner of their choice. Their identity has not yet been confirmed.

Bank of Baroda, which suddenly announced their intended departure from South Africa in March 2018, stands to lose heavily.

Bank of Baroda granted bonds on several properties linked to the Guptas at significantly inflated rates.

For example, a property purchased by the Guptas in La Lucia for R5.3m was bonded by the Bank of Baroda for R16m. This is 301% of the value of the property, and placed Bank of Baroda at significant risk.

This may in turn also be detrimental to the bank’s other depositors.

Islandsite Investments 180 is controlled by Atul Gupta and his wife, Chetali Gupta, alongside brother Tony Gupta and his wife, Arti Gupta. It also owns several well-known properties.

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