PICTURED: EBRAHIM PATEL, Economic Development Minister
JOHANNESBURG - The Industrial Development Corporation (IDC) has given Gupta-owned Oakbay Resources until the end of the day on Thursday to pay back the money.
The IDC says the company owes it R293-million.
Economic Development Minister Ebrahim Patel says if the money is not paid on Thursday, it’ll take action to recover the amount.
The IDC held shares in Oakbay through a loan agreement but cancelled the deal over allegations of share price manipulation.
The corporation wants to be repaid for their value.
Earlier this year, reports emerged that a Singapore-based company allegedly associated with the Guptas, bought shares in Oakbay using money lent to them by the Guptas.