Guptas' Oakbay listing may be suspended - TechCentral

Guptas’ Oakbay listing may be suspended


Oakbay Resources & Energy, the company controlled by the Gupta family, may have its listing suspended by the JSE, the latest setback to the business interests of the friends of President Jacob Zuma who also lost their auditor and had the country’s major banks refuse to do business with them.

The JSE said in a statement that it may suspend Oakbay after it failed to replace Sasfin Bank as a sponsor within the stipulated 30-day period.

Oakbay, in a separate statement, said it’s in talks with the JSE.

Sasfin quit as sponsor, KPMG as auditor and banks including Barclays Africa Group and First National Bank asked Oakbay and related companies to close their accounts after Mcebisi Jonas, South Africa’s deputy finance minister, said the the Guptas had offered him the post of finance minister.

That prompted a probe by the ANC and a business deal between the Guptas and Zuma’s son Duduzane has also attracted criticism.

The Guptas said the decisions were politically motivated. Oakbay has since replaced KPMG with Sizwe Ntsaluba Gobodo as auditor.  — (c) 2016 Bloomberg LP

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