Guptas have not ‘fled’ South Africa: Oakbay CEO
Oakbay Investments CEO Nazeem Howa has told Bloomberg that the Gupta family have not fled South Africa.
A report in the City Press on Sunday, claimed that that Gupta brothers, Ajay and Atul, had left South Africa for Dubai.
The paper claimed that the brothers took off in a private aircraft late on Thursday night from Lanseria Airport – ‘likely for good as they had ‘enough luggage for 20 people’.
The two brothers have resigned all their their directorships, while the City Press claims that their shareholdings are likely to be put up for sale – citing family sources.
“The entire family is checking out,” said one.
Howa told Bloomberg that although the Guptas have taken a decision to distance themselves from Oakbay, “they are not in hiding, they’ve not fled the country, so certainly I know where they are”.
On Friday, JSE-listed Oakbay Resources and Energy, a subsidiary of Oakbay Investments, announced that its non-executive chairman, Atul Gupta, and its chief executive officer, Varun Gupta, had resigned with immediate effect.
The group said that it made the decision following “a sustained political attack on the company, and the concern that the jobs and livelihoods of nearly one thousand employees would be at immediate risk as a result of the outgoing director’s association with the company.”
The Gupta family has come under increased scrutiny in recent months, following allegations that the family was attempting to capture the state through business relationships with the president.
Subsequent to the allegations, a number of South African finance groups, including KPMG, Absa, FNB and Sasfin, have cut all ties to the family’s businesses, including Oakbay Resources.
Howa told Bloomberg that he was surprised by the banks collective decision because no official charges have been laid against the company for any wrong doing. The banks have cited reputational damage’ for their decision.
Howa said that the position the Guptas have taken is that management will run Oakbay in order to protect 7,500 employees who are under the threat of losing their jobs and not being paid.
Howa said that he hoped to get several appointments with the various banks to restore relationships. He said that the company is talking to all four major banks during the course of the week, all of whom have walked away from the Gupta-owned firms.
More on Oakbay
Guptas fled ‘to escape investigation and prosecution’ – opposition party
Gupta family has ‘checked out’ of South Africa: report
Watch: Gupta company CEO on CNN
Gupta company asks Zuma for help: leaked letter
Loading ...