Monday, March 19, 2018

The Gupta Family: Bombardier Global 6000, ZS-OAK, to be grounded after court rules in favor of Canadian bank



A Canadian bank has won a court bid to have the Guptas Bombardier Global 6000 grounded after the controversial family failed to meet their end of a lease agreement.

On Monday, the South Gauteng High Court in Johannesburg ordered that the aircraft be stored at the Lanseria Airport in Gauteng. This after Export Development Canada (EDC), brought the application regarding the jet valued at $52 million (R626 million).

EDC and the Guptas are currently involved in a court dispute in the UK over the lease agreement and the bank had asked the High Court to ground the plane and store it in a safe place where it cannot be used by the family, pending the final outcome of the legal battle.

The Guptas had purchased the Bombardier Global 6000 with the help of a $41 million(R492 million) from Canadian export credit agency.

Following the court order, the family and their business associates will now have no access to the aircraft as they were indicted from using it.

The Bombardier Global 6000, ZS-OAK, had reportedly gone missing after its tracking device was switched off after EDC terminated their lease agreement over non-payment.

The Guptas implication in state capture, as well as allegations of corruptions and fraud relating to the Vrede Dairy project had also played a part in the bank cutting ties with the family and seeking intervention from a South African court.

EDC’s legal counsel, Alfred Cockerell, expressed his clients fears that the aircraft could also end up seized by the Asset Forfeiture Unit (AFU), who had already had R10 million frozen from Atul Gupta’s personal bank account.

“Every day that the Guptas use the aircraft unlawfully is a risk,” said Cockerell.

Atul however had a little victory at the Free State High Court earlier this month, as Judge Fouche Jordaan ruled that the money be unfrozen.

Original article  ➤ https://www.thesouthafrican.com

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