Staff Reporter
Gupta ‘associate’ and businessman Iqbal Sharma, who has been in police custody since his arrest last Wednesday, is ready to surrender title to his properties, company shares, travel documents and submit to local travel restrictions as well as pay a bail for R100 000 to secure his freedom.
This is contained in an affidavit submitted by Sharma, 54, to the Bloemfontein Magistrates Court on Monday.
He said he owns a property in a complex on Rivonia Road, Sandton, worth R5-million from which he receives R12 000 in monthly rental.
“The entire complex is in the process of being disposed of to a developer who has made an offer. I undertake not to deal with these proceeds, in the event that the property is sold,” said Sharma.
The former Transnet board member said he jointly owned a flat with his wife Tarina Patel for his in-laws in Kenilworth, Western Cape.
The property is registered in Patel’s name but the two are married in community of property.
He said he holds 50 percent of the shares in Issar Global Limited, which owns his R20-million home in Morningside.
“As part of the bail conditions, I tender to pledge my shares to the state as security for my bail,” he offered.
The British-born Sharma denied that he is a flight risk as he has built a life in South Africa which he considers his permanent home.
The self-employed business consultant said he is a permanent resident of South Africa and holds an ID and passport, as well as a UK passport.
He is prepared to surrender all his travel documents if granted bail and abide by any other conditions including reporting to a police station every week and not travelling out of Gauteng.
“I do not intend to travel out of SA in the short term but in the event that I am required to travel on business, I will engage with the investigating officer and the National Prosecuting Authority with a view of affording me consent to travel abroad,” Sharma proposed.
“In any event, given the seriousness of the allegations which have been made against me, I am not likely to travel in the short term, as I wish to dispose of this matter expeditiously.”
He has two siblings who both live in the United States.
Sharma also stated he has two Nedbank accounts and, on June 3, the balances in the accounts stood at R170 000.
He has however paid his lawyers a deposit of R140 000, thereby significantly reducing the balance.
Sharma also indicated that he has a First Abu Dhabi Bank account with a balance of about US$10 000 (R135 000).
His monthly expenses amount to about R40 000.
Sharma’s wife is an actress and a model. She is self-sufficient and does not depend on his support.
Although widely regarded as a Gupta associate, Sharma claims in his court papers that the last time he made contact with the controversial family was in 2014.
He also says he last saw business partner and Gupta lieutenant Salim Essa in Dubai in December 2017.
Sharma says he bumped into Essa at the hotel where he and his wife Tarina Patel stayed.
“That meeting lasted about two minutes, when we greeted each other and exchanged brief pleasantries,” he stated in his affidavit.
“I have no association whatsoever with the Gupta family. The state has made bold allegations of my association with the Guptas. There is no merit to this.”
His bail application was postponed to Tuesday after the state indicated that it received the full affidavit late and needed time to verify its contents before arguing in court.
State prosecutor Peter Serunye also said the affidavit was voluminous as it contained about 90 pages.
Sharma was arrested together with former Free State department of agriculture head Mbana Peter as well as Limakatso Moorosi, also a former head of the same department, and Seipati Dhlamini, the department’s former chief financial officer.
All his co-accused have been released on R10 000 bail each.
The accused face criminal charges in connection with a R25-million feasibility study dating back to 2011 that was irregularly granted to Nulane Investments 204 (Pty) Ltd, a company owned and controlled by Sharma.
The company had to provide a report to the department within seven months.
Nulane, however, subcontracted the work to Deloitte Consulting (Pty) Ltd for R1.5-million.
Furthermore, it subcontracted the work already completed by Deloitte to the UAE-based Gateway Limited and paid them over R19-million.
From there, the funds were allegedly diverted to Islandsite Investments 180 (Pty) Ltd, a company owned and controlled by the Gupta family.
There are 15 accused in the matter, including two Gupta brothers and their wives.
At least eight of the accused are currently out of the country and are being pursued by South African authorities with the help of Interpol.