President Jacob Zuma’s son Duduzane says he’s selling his shares in Oakbay, the media company owned by the Gupta family accused of have inappropriately close ties with the South African leader.
Duduzne says the proceeds – expected to be around 55 million euros – will go to a program creating sustainable jobs for young people.
Allegations of corruption and shady deals continue to swirl around the Guptas.
A month ago Duduzane Zuma insisted he had no regrets about his ties to the wealthy Indian family.
Accusations of state capture leveled against them include those from within the ANC’s senior ranks.
Duduzane said he would partner up with the Guptas again.
Leaked eMails show Duduzane was deeply immersed with the Guptas. They helped him buy an expensive house in Dubai and paid for his wedding.
He was a director of 21 Gupta companies but has resigned from the boards of most of them in the past year. He is still a director of seven of their companies that seem to have stopped trading.
South African banks have closed their accounts with the Gupta firms citing ethical considerations.
British public relations firm Bell Pottinger’s been expelled from the professional PR organization in that country because of unethical work they did polishing the Guptas’ image.
Duduzane did not specify why he’s selling his Oakbay shares, neither did he give details about how the youth programme he was proposing will operate.