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JOHANNESBURG - Multi million rand assets belonging to the controversial Gupta brothers, who are believed to be holed up in Dubai, were among assets seized by the Asset Forfeiture Unit (AFU) at their sprawling Saxonwold compound in Johannesburg on Monday.

The assets including luxury cars, two aircraft, a helicopter, farms and bank accounts, are estimated at R252.2 million.

The seizure is related to the case of fraud, theft and money laundering alleged to have occurred at the controversial Vrede Dairy Project in Free State, in which the three Gupta brothers are believed to have embarked on large-scale looting, using their intricate state capture network within the government.

Former Free State premier and now ANC secretary-general Ace Magashule and axed Mineral Resources minister Mosebenzi Zwane are implicated in the scandal.
Not to be rivalled by the Guptas, controversial auditing firm KPMG thrust itself  in to the spotlight when it announced that two of its audit partners had resigned after being accused of not disclosing relevant financial interests.

The auditing firm said it would review 200 files and work done by all its audit partners in the 18 months and conduct background checks on their partners and their spouses.
The audit partners who resigned are Duma Tshuma and Sipho Malaba, who reportedly had loans with VBS Mutual Bank, which has since been placed under curatorship and a forensic investigation. 

KPMG maintained that the review exercise was aimed at assessing the commitment to equality and professionalism of its engagement teams.

Also making news this week was the announcement by glassmaker Consol that it planned to raise R3.04 billion through a bookbuild when it lists on the JSE on May 4. The initial public offering price would be between R1.50 and R6.50 a share with an expected market capitalisation of between R8bn and R9.8bn.

The South African group said the offer shares would represent between 31 percent and 38 percent of Consol’s ordinary shares on the listing date, depending on the final offer price.

In other news, Corobrik, the manufacturer and supplier of bricks and pavers, said it would invest R800 million in a new factory in Driefontein near the mining town of Carletonville in Gauteng. 

This was part of the non-listed company’s wider capital investment programme aimed at upgrading and expanding its manufacturing facilities in South Africa. The new facility was expected to produce 100 million bricks a year.​

- BUSINESS REPORT