Business rescue practitioners appointed to save a Gupta business have filed an application for the liquidation of the Gupta’s flagship company, Oakbay Investments, as a result of its failure to pay rent to another Gupta-owned company, Tegeta.
In court papers filed in the Johannesburg High Court on Tuesday, Kurt Knoop, one of the business rescue practitioners states that Oakbay Investments owes Tegeta Resources and Energy just over R2m for the rental of its Sandton offices.
Tegeta is one of seven Gupta companies placed under business rescue in February this year.
According to Knoop’s affidavit, Oakbay Investments entered into a rental agreement with Tegeta for the offices in Sandton in October 2013 for R150 000 a month.
For the past 12 mont…
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