THE Gupta family’s Oakbay Resources and Energy is gearing to restore its transactional banking capabilities, which were cut off after four local banks withdrew their services.At present, the JSE-listed Oakbay Resources and Energy is able to "functionally operate in this regard [transactional banking]".In its integrated annual report for the year to February 2016, published on August 31, Oakbay Resources said restoring banking relationships is part of its three-to six-month strategy."Management is monitoring the process ... and is working towards developing further capabilities in this regard," said Oakbay Resources chief financial officer Trevor Scott.Domestic banks withdrew services from parent company Oakbay Investments over concerns pertaining to amendments to the Financial Intelligence Centre Act (Fica), among others.But it is unclear how Oakbay will proceed with its plan to restore relations because the announcement of its intention coincided with a fiasco sparked by Mineral Re...
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