AmaBhungane calculates that Zuma Jr owns between 29% and 30% of Tegeta based on his 45% ownership of Mabengela Investments, which holds about 65% of Tegeta.
Brothers Atul and Rajesh “Tony” Gupta hold about 20% and 14% respectively.
Their wives, Chetali and Arti, respectively own about 3% and 14% further, bringing the family’s stake in the business to 51%. The figures are based in part on share information that may have changed.
The Optimum transaction has a corollary that puts Zuma Jr in a position potentially to benefit much more from the nuclear power stations that his father wants to build.
Oakbay Resources and Energy, the Gupta-controlled listed holding company of Shiva Uranium, has proposed to its shareholders that it should acquire all of Tegeta’s existing business – in other words, all but the Optimum group that Tegeta is purchasing from Glencore.
For that, according to a circular from Oakbay last month, it will pay Tegeta’s shareholders by giving them new Shiva shares equating to almost 20% of the uranium miner.
Zuma Jr already owned 4.7% of Shiva through Mabengela, which is named after the hills behind his father’s Nkandla residence.
AmaBhungane calculates that the Oakbay transaction will double Zuma Jr’s stake in Shiva to about 9.5%.
Shiva, and by extension Zuma Jr, could profit from the nuclear build programme through uranium supply contracts and because bidders for the power station contracts may want to buy into Shiva.
It has large uranium resources and a processing plant, making it attractive to bidders who want to score points for “localisation” and “security of supply”.
Oakbay Investments, the Gupta family’s company, declined comment on questions sent to Zuma Jr and a family spokesperson. Zuma Jr did not respond. – Additional reporting by James Wood
Eskom and munis should come to the party already.
People have already spent their tender monies
