The family’s relationship with the scandal-troubled Zuma has been under question for years and several South African firms, including all four major banks, have cut links with companies associated with them.
But though the allegations of “state capture” against the Guptas have added to investor concerns about governance and stability in Africa’s most industrialized country Zuma has managed to keep the support of his African National Congress and ward off calls for his resignation.
“I am not a lobbyist. I am not a state capturer. As far as I am concerned, I am a friend only,” he said in an interview on state-owned broadcaster SABC.
“Capture is when you are taking any advantage of anything.”
Zuma in December changed finance ministers twice in a week, alarming investors and triggering financial turmoil.
Ajay Gupta denied receiving any political favours and also denied an allegation by a deputy finance minister, Mcebisi Jonas, that the Guptas had offered him the job of finance minister.