The Guptas and Duduzane Zuma resigned from Oakbay Investments and Oakbay Resources and Energy on Friday to facilitate the sale of the Optimum coal mine from Glencore to Oakbay, the Democratic Alliance (DA) claimed.<\/p>\n
Their resignation \u201cis an insult to the intelligence of the people of South Africa \u2026 to claim that they have done this for their employees,\u201d James Lorimer, DA shadow minister of mineral resources, said in a statement on Friday.<\/p>\n
\u201cIt is an exercise in smoke and mirrors to protect their assets and profits; nothing more,\u201d he said.<\/p>\n
\u201cA number of questions have already been raised about political influence in the Optimum deal and the extent to which the Guptas have used political connections to facilitate the transaction,\u201d he said. \u201cTainted by charges of corruption, the sale may have been in jeopardy with them at the helm.\u201d<\/p>\n
Lorimer revealed that Investec, Rand Merchant Bank and Nedbank hold R2.7bn in Optimum\u2019s debt.<\/p>\n
\u201cOne can therefore only suspect that the deal would not have been approved while politically exposed individuals are directors of Oakbay,\u201d he said. \u201cThis raises questions as to whether the banks themselves pressured the Guptas and Zuma to step down.\u201d<\/p>\n
On Friday, the banks in charge of Glencore\u2019s debt voted for the sale to go through, Bloomberg reported.<\/p>\n
\u201cThe creditors got the requisite majority,\u201d Piers Marsden, who has been managing the so-called business-rescue process since Glencore sought bankruptcy protection for Optimum in August, told Bloomberg on Friday.<\/p>\n
Reports revealed some individuals hold board positions on both Oakbay and Eskom, which raised the question of state capture, an allegation where the Gupta family uses its friendship with President Jacob Zuma and his political network to influence certain business deals.<\/p>\n
The African National Congress is investigating the allegations, while Public Protector Thuli Madonsela has approach Treasury for funding to investigate the claim.<\/p>\n
Lorimer highlighted that the Guptas will remain shareholders of the company and \u201ccontinue to\u00a0 profit from lucrative Eskom tenders secured by Optimum\u201d.<\/p>\n
\u201cThey will also, no doubt, be replaced by puppet directors who will do anything at their bidding.\u201d<\/p>\n
Board member Terence Rensen will become Oakbay Resources chairperson, while finance director Trevor Scott will become Oakbay Resources acting CEO until a new candidate is selected to fill the vacant positions, the company said.<\/p>\n
Fin24<\/a><\/p>\n Gupta family has \u2018checked out\u2019 of South Africa: report<\/a><\/strong><\/p>\nMore on Oakbay<\/h3>\n