IDC tells Guptas to pay back the money, by midnight

WEB_PHOTO_PATEL_21_PM _210416

PICTURED: EBRAHIM PATEL, Economic Development Minister

PICTURED: EBRAHIM PATEL, Economic Development Minister

WEB_PHOTO_PATEL_21_PM _210416

PICTURED: EBRAHIM PATEL, Economic Development Minister

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.

READ: IDC to recover R250m loan from Oakbay

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.