The ‘Financial Mail’ is reporting that the funder of the jet has canceled the finance agreement after the politically connected family failed to meet a $1.4-million payment in October.
The Guptas may be feeling the pinch as it has emerged that they may lose one of their luxury jets because they’ve failed to meet instalment payments.
The Financial Mail is reporting that the funder of the jet, Export Development Canada (EDC), has cancelled the finance agreement after the politically connected family failed to meet a $1.4-million payment in October.
The EDC also cited political exposure risks as among the reasons for scrapping the deal.
The Guptas still owe $28-million on the aircraft.
The aircraft, with the infamous ZS-oak call sign, has mostly been based at Lanseria Airport but more recently traveled between India and Dubai where the family has residences.
The Gupta leaks revealed that EDC agreed in December 2014 to finance the Guptas’ $52-million purchase of a Bombardier jet.
ZS-oak is the same aircraft which flew Cabinet minister and state-owned company bosses around the world to help the Guptas secure lucrative government contracts.
By: Barry Bateman/EWN