StateCaptureInquiry: VR Laser shareholder forced to sell shares below market value, Zondo hears
Johannesburg - The Zondo commission has heard how a shareholder of Gupta-linked VR Laser was forced out of the company and pressured to sell his shares for less than the market value.
When he returned to South Africa he met with Essa who introduced him to his business partner Iqbal Sharma. From then on Jiyane said he was sidelined and his staff was instructed to report to the men and not to him. A few weeks later, in February 2014, Jiyane said he was forced to sell his shares in the company when it became clear that he was not wanted.
Denel, whose board was chaired by Daniel Mantsha - who has been accused of working with the Guptas, signed off on the deal
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Denel Asia’s joint venture with VR Laser did not make commercial senseDenelAsia’s joint venture with VRLaser did not make commercial sense StateCaptureInquiry
Read more »
Ex-VR Laser shareholder was coerced into selling stake to Guptas, inquiry toldBenny Jiyane said he negotiated the sale of his stake with Salim Essa and former Transnet board member Iqbal Sharma in 2013.
Read more »
WATCH LIVE | Denel in spotlight at state capture inquiryStateCaptureInquiry WATCH LIVE | Former Denel chairperson Martie van Rensburg and former shareholder of VR Laser Benny Jiyane will testify on Tuesday.
Read more »
Denel joint venture with company owned by Gupta ally 'made no sense', state capture commission toldFormer Denel board chair Martie Janse van Rensburg says the joint venture between the state armaments company and VR Laser, a company owned by an associate of the Gupta family, did not 'make commercial sense'
Read more »
Denel joint venture with company owned by Gupta ally 'made no sense', state capture commission toldStateCaptureInquiry 'The outgoing board did not consider the establishment of Denel Asia. In my opinion if you would like to establish such a type of subsidiary in another country, there's a lot of market intelligence homework that needs to be done.'
Read more »
Ex-VR Laser shareholder was coerced into selling stake to Guptas, inquiry toldBenny Jiyane said he negotiated the sale of his stake with Salim Essa and former Transnet board member Iqbal Sharma in 2013.
Read more »
'Questionable' former Denel board failed to meet targets, Zondo hears | IOL NewsThe Zondo commission has heard how former public enterprises minister Lynne Brown appointed a questionable board for Denel ...
Read more »
Moyane using inquiry to 'rehabilitate himself', Zondo hears | IOL NewsFormer SA Revenue service boss Tom Moyane wants to use the state capture commission of inquiry to ''rehabilitate himself''
Read more »
#PICInquiry: AYO shares initially valued as high as R47 | IOL Business ReportPIC official says the P/E gave a base case value of R43 a share, which was derived from earnings a share of R2.68 a share multiplied by 16 x P/E.
Read more »