In the midst of a storm of suspicion over its banking transactions, the politically connected Gupta family company, Oakbay Investments, said on Monday that its CEO, Nazeem Howa, had resigned due to ill-health. Howa would be replaced temporarily by Oakbay’s financial director Ronica Ragavan until a permanent appointment was made, the company said. Howa’s resignation was announced only hours after Oakbay Investments said allegations it had plundered the rehabilitation trust account of its recently acquired Optimum coal mine were "absolutely untrue and defamatory". The Gupta family’s JSE-listed company, Oakbay Resources, said it was investigating five transactions reported to the Financial Intelligence Centre, but did not believe it would have to restate its financial statements. The JSE’s GM of issuer regulation, Andre Visser, said the JSE had engaged with the sponsors of Oakbay Resources on how these allegations might relate to its listings requirements. The storm has erupted as a re...
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