It’s been about the Guptas, Zumas and Nkandla for a while now in South Africa. The President is being asked each day to step down as the President of the country. Just as the Guptas are being told to leave South Africa with many business partners abandoning them. The family has been under so much pressure that they resigned from their positions at Oakbay Resources.
Reports have it that the Gupta family decided that all of its members resign from their office in their holding company following the “sustained political attack” they are experiencing after the state capture allegations.
The president’s son, Duduzane Zuma resigned too. He cited in a statement that his resignation is inspired by the damaging criticisms his family is facing. He also related that his resignation will safeguard the jobs of Oakbay Investments’ employees.
While Zuma’s son resigned as a non-executive director of Shiva Uranium, a major subsidiary of Oakbay Resources, the company in a statement related that its non-executive Chairman, Atul Gupta, and CEO, Varun Gupta, also resigned with immediate effect.
“This decision follows a sustained political attack on the company, and the concern that the jobs and livelihoods of nearly one thousand employees would be at immediate risk as a result of the outgoing director’s association with the company,” reads the statement.
Of late, financial institutions hardened the business operations of the outlet after they shut their doors on the company.
The previous week, auditing firm KPMG, after 15 years, resigned as Oakbay Resources auditors. Similarly, banking partner Sasfin Capital informed the company that they will be terminating their services to them come 1st June.
Also, FNB like Absa did, cut ties with Oakbay this week. Responding, Oakbay Resources director Nazeem Howa, wailed that they “received no reason whatsoever justifying FNB’s actions.
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,” Howa lamented.