IDC sues Gupta-linked firms to recover debt
(WorldNews Environment)

South Africa´s Industrial Development Corporation (IDC) is suing four companies linked to the politically connected Gupta family after they failed to repay a loan that the state-owned development financier canceled because it suspected illegal activity. The Guptas´ Oakbay Resources and Energy, Oakbay Investments, Action Investments and Shiva Uranium owe the IDC R287.5-million ($21-million) in principal and interest and are also liable for the institution´s legal costs, the Johannesburg-based development finance institution said in court documents stamped Nov. 30. The amount is made up of R37.5-million of the outstanding loan and the rest is interest, according to the IDC. ......