Gupta-owned Oakbay Investments CEO Nazeem Howa has resigned from the company with immediate effect, citing health reasons.
The group made the announcement on Monday, following a court application by finance minister Pravin Gordhan, in which a number of suspicious payments by Gupta companies, including Oakbay Investments, were identified.
According to the company, Howa made the decision to step down after a “period of illness…due to health issues and (on receiving) medical advice (to do so).”
Ronica Ragavan, the group’s current financial director, will take over the role as acting CEO until a permanent executive can be found.
Howa has also stepped down as a non-executive director at Oakbay Resources, the company announced.