The South African Institute of Auctioneers (SAIA) has hailed the latest sale of Gupta-linked assets as another meaningful step in the long process of recovering billions of Rands looted during the era of state capture.
In the most recent example Park Village Auctions (PVA), a SAIA member, successfully realised approximately R34,500,000 from the sale of three prime Saxonwold properties, their contents and an additional nearby property. These assets once formed part of the sprawling Gupta empire which for years benefited from corrupt government patronage.
The auction conducted in conjunction with Business Rescue Practitioners (BRPs), saw numbers 3, 5, and 7 Saxonwold Drive along with their furniture and appliances sold as a package deal. The total inclusive of buyer’s commission and VAT amounted to R34.5 million. The purchaser also secured 7A Saxonwold Drive for R6,500,000, a separate transaction but part of the same liquidation process.
With the necessary securities now in place the proceeds will be disbursed in accordance with the business rescue plan and gives creditors a long-overdue financial reprieve. According to PVA’s Clive Lazarus this latest sale marks the final significant asset disposal from the South African holdings of the Gupta network.
SAIA’s vice chairperson, Joff Van Reenen, says that over the past several years SAIA auctioneers have been instrumental in converting ill-gotten assets into liquid funds and assisted BRPs and the courts in dismantling the Gupta business web. PVA has already overseen the sale of assets from:
- Confident Concept (Pty) Ltd
- Islandsite Investments 180 (Pty) Ltd
- Koornfontein Mines (Pty) Ltd
- Optimum Coal Mine (Pty) Ltd
- Optimum Coal Terminal (Pty) Ltd
- The New Age Media (Pty) Ltd
- VR Laser Services (Pty) Ltd
Van Reenen adds that this outcome underscores the crucial role auctioneers play in the justice process and highlights that auctioneers are not merely sales facilitators but are rather a recognised legal instrument of the courts entrusted to convert seized or distressed assets into funds that can be returned to creditors, stakeholders and ultimately the South African public.
“While the amounts recovered from each individual sale may seem small compared to the vast sums stolen during state capture each auction represents another victory in the long road to accountability. In many cases these sales are the only practical means of reclaiming funds especially when cash reserves have been hidden or moved offshore.”
He concludes that the South African Institute of Auctioneers commends its members for their persistence, professionalism and unwavering commitment to transparency in these high-profile recoveries. Every sale not only closes a chapter on illicit gain but also restores public confidence in the rule of law.
