Iqbal Sharma is no stranger to the media or the headlines. Iqbal Sharma is a South African businessman famous for his close ties with the Gupta family. Iqbal Sharma is also affiliated with the department of trade and industry and is the former Transnet boss. Besides his acclaimed success in business, Iqbal Sharma is allegedly linked to corruption cases that are currently in court. How about opening the tinderbox that is his life?
Iqbal Sharma was arrested in June 2021 and charged with fraud and money laundering. The commendable business mogul is in the limelight after the courts agreed to grant him bail after being denied bail in June. Iqbal Sharma's charges have raised eyebrows about his life and the source of his wealth. Therefore, his biography unpacks more details about his life and the controversial case.
Iqbal Sharma's profile summary
- Full name: Iqbal Meer Sharma
- Famous as: Iqbal Sharma
- Nationality: South Africa
- Ethnicity: Indian-South African
- Education: Aitchison College, University of Wisconsin Oshkosh, Waterford Kamhlaba,
- Occupation: Businessman, Founder and Executive Chairman ISSAR
- Marital status: Married
- Spouse: Tarina Patel
- Sister: Laila
- Aunt: Fatima Meer
- Brother-in-law: Dinesh Patel
Iqbal Sharma's biography
The SA Success Magazine recognized Iqbal as one of South Africa's most remarkable entrepreneurs. The Financial Mail also acclaimed him as one of the top 400 most influential people in South Africa. Sharma is also a fellow of the Aspen Global Leadership Network of the Aspen Institute.
Iqbal Sharma age
Not much is known about Iqbal's age. His age could range between 40 and 50 since he has been married for over a decade, and when he met his wife, he was already an established businessman.
Iqbal Sharma wife
The name of his wife is Tarina Patel, an actress. Tarina has featured in Generations: The Legacy and the second season of Real Housewives of Johannesburg. The pair tied the knot in 2009 in an Indian ceremony in Cape Town and Iqbal Sharma's wife's age was seventeen when she got married.
Iqbal is also Fatima Meer's nephew, and Dinesh Patel, allegedly involved in a money laundering case, is his brother-in-law.
Iqbal Sharma's Transnet
Iqbal used to serve as a director in the South African Department of Trade and Industries. In 2002, he joined the Indian Commerce Secretary Dipak Chatterjee in Johannesburg to meet high-profile business leaders. The main agenda of the meeting was to revive the cooperation between the India South Africa Commercial Alliance.
Sharma is the founder of ISSAR and also serves as the director in several companies. He served as the Deputy CEO of Trade and Investment in South Africa's Department of Trade and Industry (DTI). Before joining DTI, Iqbal worked with large multinationals like Bank of America and PepsiCo.
After serving several ranks in state departments, Sharma started his own business and made several trips to India. He founded the country's first education franchise and software firm. He has also been a regular speaker at global conferences worldwide.
Iqbal Sharma's house
Iqbal owns a luxurious chateau in Sandton, Johannesburg. The house is described as the oasis in the middle of the city, worth approximately R12 million. The design of the house was in honour of Patel's late father. He also owns another house in Constantia in Cape Town.
Iqbal Sharma's net worth
While details of his net worth are unclear, Iqbal could be worth millions. His luxurious mansion in Sandton is worth R12 million.
Iqbal Sharma was arrested in June 2021 in connection to the failed Estina dairy project in Vrede, whose worth is approximately R288 million. He was summoned before the Bloemfontein Magistrate's Court on 3rd June 2021 and was charged with money laundering and fraud.
According to the state allegations, Iqbal Sharma's company, Nuland Investment, laundered more than R20 million. According to the claims, the Free State Department of Agriculture deposited the money for a feasibility study which should have cost R1.5 million. The study was to determine whether the Estina Dairy Farm project would benefit small-scale dairy farmers in the region.
However, according to the allegations, the Estina Dairy Farm project failed, and tens of millions were siphoned to the Gupta family. Nuland Investment then outsourced the feasibility study to two other companies, which charged the department R24 million more.
Iqbal Sharma's bail
On 8th June 2021, Sharma's attempts to secure bail from the Bloemfontein magistrate's court were futile since the court ruled he was a flight risk. The court also argued that he had been dishonest and was extremely wealthy, and did not have any emotional attachment to South Africa. Iqbal owns a British passport, a residential permit in India, a residential permit in the UAE and flies in and out of South Africa.
Iqbal Sharma latest news
On 14th July 2021, the Bloemfontein High Court granted Iqbal Sharma R500 000 bail. Judge Joseph Mhlambi handed down the judgement saying,
Pending the outcome of the trial, the appellant is granted bail in the amount of R500 000.
Nonetheless, the granting of bail comes with a raft of measures that the appellant is expected to follow, and they include,
- Handing over his retirement annuity policy to the state within 72 hours of his release.
- Giving full disclosure of his foreign assets and those registered to his wife to the state. He should provide details of their nature, value and location.
- He must reside at his Sandton address and report to the Sandton police station every Monday, Wednesday and Friday between 8 am and 8 pm.
- He cannot travel outside Gauteng without written permission from the investigating officer.
- He cannot apply for a passport until the finalization of the court case.
These details about Iqbal Sharma must have filled you in on what is happening to the business mogul. Stick around for more updates on his case and whether he will be vindicated. We will release more information as it surfaces.
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Source: Briefly News