Guptas’ ‘unlawful’ loan backed by mine rehab fund

A coal mine owned by the Gupta family landed a R150m bank loan by putting forward the mine’s environmental rehabilitation fund as security for the loan – a move that wasn’t only unlawful but also jeopardized the mine’s ability to restore any environmental damage in and around the colliery.

News24 claimed to have obtained a document that details how the Gupta-owned Koornfontein coal mine in 2016 secured a R150m loan from the Bank of Baroda by means of offering R170m held in the mine’s rehabilitation trust as surety for the loan.

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