ArcelorMittal South Africa Limited said that a deal to buy Imperial Crown Trading was assisted by the Gupta family.

Ms Nonkululeko Nyembezi Heita CEO of ArcelorMittal SA said that "The family were a major facilitator in the transaction between ICT and ArcelorMittal South Africa."

Ms Nyembezi Heita said that "The family's involvement is a way to compensate them. This is a tried and tested method where facilitators get to participate in the equity deal."

It may be noted that ArcelorMittal was paying ZAR 800 million for Imperial Crown Trading, whose only asset is a 21.4% prospecting license at the Sishen mine, which provides most of the steelmaker’s iron ore needs.

(Sourced from www.bloomberg.net)