Gupta family says it plans to sell off South African businesses

The wealthy Gupta family, which has been accused of holding undue political sway over President Jacob Zuma, said on Saturday it planned to dispose of all the stakes it holds in South African businesses before the end of the year.

"As a family, we now believe that the time is right for us to exit our shareholding of the South African businesses which we believe will benefit our existing employees," the family said in a statement.

A statement on Friday said that the Gupta family had “repeatedly pointed out that our family has been a victim of a political campaign against it”.

“A narrative has been constructed against us‚ which has been perpetuated by many media titles‚ and that flawed perception has become the truth in the eyes of some.

“Meanwhile‚ no charge has ever been brought against us‚” the statement read.

“We hold our executives to high standards and would not hesitate to take action against any one executive who breaches our internal codes of good practice‚ or indeed‚ any regulatory‚ or legislative policy‚ procedure or framework.

“We firmly believe in the rule of law and we are happy to answer to any and all allegations made against us.

With Tiso Black Star Group Digital