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Thread: Canadian banks application to ground Gupta jet expected to be heard on Tuesday rep

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    Default Canadian banks application to ground Gupta jet expected to be heard on Tuesday rep

    Johannesburg An application by Export Development Canada (EDC), the countrys state-owned export-import bank to ground a plane being used by the Gupta family is expected to be heard in Johannesburg this week, the Washington Post reported.

    Concerning Ajay Gupta being declared a fugitive, the EDC reportedly argued in its court papers that there was a concern that the aircraft may be used to escape justice or for some other unlawful means.

    The family bought the aircraft with help from a $41m loan from the EDC. They have reportedly defaulted on that loan.

    The family's lawyer Ahmed Gani declined to comment to News24 on the application, and the UK branch of law firm Jones Day, who are apparently representing the family in the case involving the jet, could not be immediately reached for comment.

    News24 reported in February that the Bombardier Global 6 000 business aircraft registered as ZS-OAK, had landed in Russia. Following this, the plane could no longer be tracked on publicly assessible flight tracker websites and apps.

    The plane previously flew from Dubai to Zurich on December 13, where it remained for six days before taking a 36-minute hop to EuroAirport Basel Mulhouse Freiburg in Switzerland.

    There the plane stayed put for more than a month before taking to the skies again on January 25.

    It was widely reported in December that the Guptas had fallen behind in their scheduled repayments on the loan from EDC that financed ZS-OAK, and that the plane was grounded.

    It also isn't clear if the Guptas were able to make a payment leading to the release of the aircraft, after that but Phil Taylor from the EDC told News24 at the time that the legal proceedings they have against the Guptas are still proceeding.

    "Our position has not changed," said Taylor.

    News24 reported in February that the Hawks were searching for Ajay. It is believed he has left the country.

    However, his brother Atul was in Dubai in February when he signed the affidavit that forms part of his application to have a preservation order obtained against him, by the NPA's Asset Forfeiture Unit (AFU), set aside.

    The Free State High Court in January put the Krynaauwslust farm near Vrede in the Free State under curatorship.

    News24 reported at the time that the order reveals that the Free State's agricultural department - under then agriculture MEC Mosebenzi Zwane - paid R220m to the Guptas in what the AFU calls a "scheme designed to defraud and steal monies from the department".

    News24
    https://www.news24.com/SouthAfrica/N...eport-20180304
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    Operation repo man, pay that note!
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    A few more details in this article, originally from the Washington Post: https://www.iol.co.za/news/politics/...ssing-13608755

    Ehsan Monfared, a Toronto aviation lawyer, says that the case is unusual. Most people or entities who buy business jets of that size and value don't have credit issues, and banks like EDC make sure they're well protected. EDC, for its part, insists it performed due diligence on the Guptas.
    The good news for EDC is that it's likely to get the plane back eventually. Under an international agreement called the Cape Town Treaty, Monfared said, lenders have the right to seize a plane in any country that's part of the pact. "I don't think the Canadian taxpayer is going to get bilked, unless the aircraft has been otherwise disposed of," he said.
    I suggested (elsewhere) that the aircraft might have been sold to some dodgy Russian, and getting it back may not be easy...

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    Canada's turn to get some Gupta..

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    Update on this?

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    Quote Originally Posted by Devviem View Post
    Update on this?
    Its only 8.30 am on Tuesday. OP thread headline says expected to be (Tuesday) this week...

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    Quote Originally Posted by Devviem View Post
    Update on this?
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    Quote Originally Posted by schumi View Post

    The plane previously flew from Dubai to Zurich on December 13, where it remained for six days before taking a 36-minute hop to EuroAirport Basel Mulhouse Freiburg in Switzerland.
    Are we assuming this travel is somehow related to Swiss bank accounts?
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    The case has been postponed until Friday

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    Quote Originally Posted by Devviem View Post
    The case has been postponed until Friday
    Ag nee man, there goes our treat
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    Quote Originally Posted by The_Librarian View Post
    Ag nee man, there goes our treat
    There is another treat if you will. :-)
    http://ewn.co.za/2018/03/06/watch-li...arly-committee
    Last edited by surface; 06-03-2018 at 11:52 AM.

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    Quote Originally Posted by Gordon_R View Post
    A few more details in this article, originally from the Washington Post: https://www.iol.co.za/news/politics/...ssing-13608755





    I suggested (elsewhere) that the aircraft might have been sold to some dodgy Russian, and getting it back may not be easy...
    Remember they managed to land one of their private aircraft at a national keypoint location, a military base. Who knows what they will pull out of the bag now.

    Its all starting to get quite interesting.... anyone read Tintin ?

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    "What can be asserted without proof can be dismissed without proof." ~ Christopher Hitchens

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    Quote Originally Posted by Nerfherder View Post
    Remember they managed to land one of their private aircraft at a national keypoint location, a military base. Who knows what they will pull out of the bag now.

    Its all starting to get quite interesting.... anyone read Tintin ?

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    Flight 714 to Sydney
    500th anniversary of the Protestant Reformation has passed.

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    Quote Originally Posted by Nerfherder View Post
    Remember they managed to land one of their private aircraft at a national keypoint location, a military base. Who knows what they will pull out of the bag now.

    Its all starting to get quite interesting.... anyone read Tintin ?

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    If the Guptas want to maintain their innocence, then selling the plane off to a dodgy place is a confirmation of Guilt...

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    Quote Originally Posted by Ricard View Post
    If the Guptas want to maintain their innocence, then selling the plane off to a dodgy place is a confirmation of Guilt...
    I think they just want to get to their secret hideout, under a volcano on a island somewhere.
    "What can be asserted without proof can be dismissed without proof." ~ Christopher Hitchens

    My idea of "Help from above" is a sniper on a roof.

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