Rajesh and Atul Gupta are wanted in SA on fraud and money laundering charges, and were detained after Interpol placed them on its most-wanted list
Atul Gupta and Rajesh Gupta at the ANC’s elective conference on December 17 2012 in Mangaung. Picture: GALLO IMAGES/SUNDAY TIMES/SIMPHIWE NKWALI
The arrests are the most significant step yet in SA’s efforts to hold businesspeople and officials to account, who are accused of corruption during former President Jacob Zuma’s nine-year rule that the government estimates cost the state R500bn. The rand was one of only three emerging-market currencies to gain against the dollar on Tuesday.
The UAE is under pressure to do more about tracking the money that enters the country. The Financial Action Task Force, a Paris-based organisation set up by G7 countries to combat money laundering, put the UAE on its “grey list” of jurisdictions that don’t do enough to uncover illicit funds, on March 4. SA has meanwhile been warned that it will be included on the list unless it tightens up its controls.
The arrests are good news for Ramaphosa. Besides bolstering his claim that he is committed to tackling graft, they will also serve as distraction from allegations that he sought to cover up the theft of cash from his game farm in the northern Limpopo province in 2020. He has denied any wrongdoing.
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