One of the Gutas brothers Atul Gupta has now been named as the 7th Richest Man in South African following a new release by Business Times rich list which will be published later this week.
The Guptas who had in previous years not made the Business Times rich list, has now featured at seventh place.
According to the Sunday Times, the list is based on the value of disclosed directors’ holdings in the JSE listed companies from the period December 2015 to November this year.
The Guptas listed Oakbay holdings in 2014 and at the end of last year Atul’s stake in Oakbay was worth more than R16 billion.
But the newspaper reports that Oakbay has not performed well and its shares have since declined by 31.2 % which strips him from the ranking.