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Gupta-owned company added among accused in Nulane Investment corruption case

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A company owned by the Gupta family, Islandsite Investments, has been added among the accused in the R24.9 Nulane Investment feasibility study case as accused No. 7.

Ronica Ragavan, a co-director in the company failed to appear before the Bloemfontein Regional Court today as a representative of the company citing medical reasons. A warrant for her arrest has been issued, but stayed by the court.

Ragavan is a co-director in the company, Islandsite Investments One Hundred and Eighty.

The case relates to R24.9 million which the Free State Agriculture Department fraudulently paid to Nulane Investment company.

“Accused No.: 7 is added to case number 20/3382021. The warrant of arrest in respect of the Director Ronica Ragavan is authorised, but the issue thereof is held over. The medical certificate which has been produced today is also handed in as exhibit into court, and it will later be marked according to the exhibits which have been handed in,” says Magistrate Smanga Nteshe.

The other accused include former Transnet Board member Iqbal Sharma, Nulane Investment employee Dinesh Patel, former Free State head of Department for Rural Development, Peter Thabethe, former head of Free State Department of Agriculture Limakatso Moorosi, and former Chief Financial Officer in the department, Seipati Dhlamini.

They are all facing charges of fraud and money laundering.

“What happened in court today is Ronica Ragavan, the co-director of Islandsite Investment, failed to appear citing medical reasons. A warrant of arrest has been issued for her, however, stayed,” says Investigating Directorate Spokesperson Sidisiwe Seboka.

The money was reportedly paid to Nulane Investment owned by Iqbal Sharma, between November 2011 and April 2012 to conduct a feasibility study for the Free State Province’s flagship Mohoma Mobung project.

From there the funds were diverted to the Gupta-owned Islandsite Investment.

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