DA Rejects Plea To Help Guptas’ Oakbay Investments Retain Workers


BuzzSouthAfrica learnt that Guptas’ Oakbay Investments approached the DA to get help with regards to the banks that terminated their business dealings with the company.

The Chief Executive of the Guptas Oakbay Investments, Nazeem Howa reportedly wrote to Mmusi Maimane, the DA leader on 21 April 2016, requesting a meeting.

The essence of the letter was to brief the DA leader about the possible significant job losses which may occur within the Guptas Oakbay investments.

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An excerpt reads:

“As the CEO I now hope to draw a line under the corporate bullying and anti-competitive practices we have faced from the banks. The livelihoods of too many people are at risk should our bank accounts remain closed.

We are doing everything we can to save thousands of South Africans jobs…We are seeking your help as leader of the Official opposition to appeal to the banks to review their decision to save the jobs of our staff”.

Responding, DA stated that “the request for the meeting was inappropriate and there will be no meeting with anybody from Oakbay Investments (Pty) Ltd.

According to the DA, the real question isn’t why the banks terminated their relationship with the Guptas’ Oakbay Investments, but why they took so long to terminate the relationship.

Based on that, the party requested Lesetja Kganyago, the Governor of the Reserve Bank of South Africa to look into the matter and among other things,

  • Investigate if banks who had business relationships with the Guptas, complied with all the relevant provisions of the Financial Intelligence Centre Act (No. 38 of 2001); and
  • To order any appropriate remedial action or administrative sanctions if the investigation determines that certain banks failed to comply.

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DA said the matter is best left to the South African Reserve Bank which is responsible for the regulation of the banking industry in South Africa. To them, it’s wrong of the Minister of Finance, that of Labor and Mineral Resources to be intervening, on behalf of the Guptas, in business decisions taken by the Banks.