Gupta Owned Oakbay Investments Demand Explanation From FNB Over Closed Accounts


Gupta owned Oakbay Investments has claimed to be in the dark, demanding an explanation from the First National Bank (FNB) for closing the company’s accounts with the bank.

“Oakbay has received no reason whatsoever justifying FNB’s actions‚” the company said in a statement on Wednesday.

The company also revealed that prior to the incident, it was already in the process of moving its accounts to what it described as a more “enlightened institution”.

See Also: KPMG Severs Business Ties With Gupta Due To Controversy Trails

The demand for explanations by Oakbay investments was rightly directed to the head of FNB‚ Jacques Celliers. Oakbay expressed surprise at the action taken by the bank on their accounts considering the fact that they were one of their most esteemed customers. It was also revealed that the Gupta owned company got a similar notification from Absa Bank without any explanations.

“We find the timing of FNB’s decision staggering given Oakbay’s accounts are in excellent financial health and we have been a loyal and profitable customer for many years. In December 2015‚ we also received a similar notification from Absa Bank with no explanation. Interestingly‚ this remained confidential for over three months until a couple of days ago. We question the timing of Absa making this public‚” Oakbay said in a statement.

Oakbay investments lamented that these latest issues arising are clear proof that the recent allegations against the company and the wider Gupta family are all part of a carefully orchestrated political campaign which has touched some of the South Africa’s most senior institutions and individuals.

Oakbay expressed disappointment that esteemed institutions such as FNB and Absa could allow themselves to be dragged into some political drama.

The company placed itself in the middle of South Africa’s extreme economic challenges where Oakbay investments has consistently been a successful job creator and tax payer for the benefit of the country and its citizens. Their success according to the company may have upset some other establishments.

The company openly challenged the perpetrators of  the countless false allegations aimed at tarnishing their image in recent months to provide any strong evidence to prove their claims, saying,”it is time to put up‚ or shut up.”

See Also: Once Again, First National Bank Cuts Business Ties With Guptas

“Sadly‚ those who are against us want to resort to any means necessary including slanderous‚ unfounded innuendo. They talk about state capture when only 1% of our business is from Government. That is an inconvenient truth for our detractors‚ but truth it is‚ as our fully audited financial results show.”

The company revealed that their company which has stayed and succeeded for 23 years in South Africa and not 6 years as most people seem to believe has grown on taking a long-term perspective and a ‘challenger’ philosophy.

They literally expand into tomorrow’s growth industries today‚ operating in established industries in a more efficient manner than their peers. Competition is always welcomed by the company.

Summarily, Oakbay investments demand urgent explanations from Jacques Celliers with regards to the liquidation of their accounts.

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