Salim Essa, a close associate of the Gupta family, has sold his shares in Trillian Capital, the financial services company announced on Wednesday.
Essa’s shares have been acquired by Trillian CEO Eric Wood, the company said, without disclosing the value of the deal.
It acknowledged that Trillian had been harmed by persistent allegations stemming from Essa’s ties with the Gupta family.
“The unrelenting media allegations arising from Mr Essa’s holding (despite no proof or official charge) has had a negative impact on the ability of Trillian Capital Partners and its staff to reach their full potential. It is therefore with regret that Mr Essa has taken the decision to divest from the business,” Trillian said.
Questions have notedly been raised about Trillian’s dealings with Transnet, with both former public protector Thuli Madonsela and former finance minister Pravin Gordhan noting payment of millions by the state freight company to Trillian for no apparent benefit.
More recently, evidence emerged that Eskom had paid Trilian some R500 million, though no contract exists between the two companies. Trillian on Wednesday reiterated that it had “always maintained its innocence” in the face of allegations of improper dealings with state entities.
Essa reportedly owned 60 percent of Trillian through a company called Trillian Holdings. He is the sole shareholder of VR Laser Asia, the company Denel signed as a joint venture partner before the deal was blocked by National Treasury, and is also one of the owners of Vardospan, a company that was set up with the aim of buying the Habib Overseas Bank after all major South African commercial banks severed their relationships with the Guptas.