Breaking! OakBay CEO Nazeem Howa Has Resigned


Gupta-owned resources, Oak Bay Investments has announced that its CEO Nazeem Howa has resigned due to health issues.

The investment confirmed this Afternoon that Nazeem Howa who joined the company since 2010, stepped down after a period of illness and medical advice.

From the time he joined the company as the CEO, Howa has been fighting for the integrity of Oakbay after allegations that the Gupta family had unduly influenced President Jacob Zuma and were involved in Cabinet appointments.

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The report of his resignation comes at the time the company confirmed that five of the 72 suspicious transactions listed in an affidavit by Finance Minister Pravin Gordhan, were done by the JSE-listed holding company or its subsidiary, Shiva Uranium.

Oakbay Resources and Energy appeared twice on the list and its subsidiary Shiva Uranium appeared four times. The 65th transaction involving R327.4m was attributed to Oakbay Resources and Energy and the 66th, also for R327.4m, to Shiva.

The JSE-listed holding company appears to be counting these as the same transaction. The largest transaction involving the listed company via its subsidiary Shiva was for R510m, labeled item 71.

Billions were said to have been transferred from Optimum and Koornfontein collieries which the Gupta-family own through a holding company called Tegeta which Oakbay Resources and Energy said is a separate entity.

“The company is in the process of investigating the five transactions referred to above, and is working with regulatory authorities, where necessary, in this regard,” Oakbay Resources and Energy said in Monday’s statement.

“The company is also in the process of engaging with its external auditors with regard to the aforementioned five transactions and any possible impact that may result in relation to previously reported financial information.

“At this stage, the company does not have any reason to believe that previously reported financial information will be restated in relation to these five transactions, and shareholders will be updated accordingly in this regard,” Oakbay Resources said.

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However, Nazeem Howa said he was honored to lead such a talented group of co-workers and in time Oakbay will be recognized as the type of company South Africa needs: innovative, job creating, tax paying and law abiding.

Oakbay has thanked Howa for his hard work and has wished him well in his recovery.