Zuma-Connected Gupta Family Bid for Newspaper Stake Fails

By: Franz Wild | Bloomberg

Sekunjalo Investment Holdings rebuffed an approach by the Gupta family, which is in business with members of President Jacob Zuma’s family, to take a stake in South Africa’s Independent News & Media (INM) group, according to Iqbal Surve, Sekunjalo’s chairman.

Surve said he stopped considering bids from the Guptas and other politically connected entities when the Public Investment Corp., Africa’s biggest fund manager and part of the group which owns the Independent group of newspapers, objected to any changes in the shareholding.