Hindu Family Who Conned Canada Being Protected By India Security

By 4th March 2018 0 Comments


OTTAWA — If you spot a sleek Bombardier Global 6000 business jet sporting tail number ZS-OAK, Canada would love to hear from you.

The jet belonged to South Africa’s notorious Gupta family, whose alleged corruption helped trigger the scandals that recently forced President Jacob Zuma out of office. But the Guptas bought the plane with help from a $41 million loan from Export Development Canada, or EDC, Canada’s state-owned export-import bank.

EDC was helping Bombardier Inc., the Canadian aerospace firm, land the jet sale. But that turns out to have been a poor bet: EDC now says the family defaulted on the loan in October and still owes the bank $27 million.

In 2014, Canada’s state-owned export-import bank, Export Development Canada (EDC) approved a US$41-million (C$52-million) loan to Gupta family to buy a luxury jet, who then defaulted on the loan and hid the plane after a string of political corruption scandals.

The Gupta family is a wealthy Hindu family who owns a business empire spanning several industries including media, mining and equipment. The family has been accused of having a corrupt relationship with the region’s former president, Jacob Zuma. The Guptas and Zuma have consistently denied any wrongdoing.

The EDC had been helping Bombardier Inc. secure the jet sale, but said in December 2017 that it had scrapped the deal after the Guptas failed to meet loan repayment requirements in the weeks prior, and cited a “political exposure” risk as a factor in the decision. Under the agreement, the Canadian government’s export agency was financing 80 per cent of the C$52-million cost of the Bombardier Global 6000 with the tail number ZS-OAK.

The EDC said in a statement that the family defaulted on the loan back in October and still owes the bank $27 million. In addition, the EDC is concerned that the plane has been used to help members of the Gupta family escape legal repercussions.

The Gupta family’s alleged corruption started a chain reaction of political scandals that forced former president Zuma out of office, and an arrest warrant is still outstanding for one of the family’s three brothers, Anjay Gupta.
“There is a very real concern that the aircraft may be used to escape justice or for some unlawful means,” wrote EDC in an application to a South African court asking for permission to ground the jet.

However, the EDC hasn’t yet been able to locate the plane. According to reports from the Washington Post, the Guptas made the aircraft’s location data private after the EDC’s court filing requested the plane’s exact location.

Via : the Washington Post

 




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