GOVERNMENT business had contributed only 8.9% of Gupta-owned Oakbay Investments’ R2.62bn revenue in the year to February, which CEO Nazeem Howa said disproved rumours that the business depended entirely on state favours for its survival.Oakbay Investments is one of the targets of "state capture" allegations, as its various businesses are believed to have benefited from the Gupta family’s friendship with President Jacob Zuma.Earlier in 2016, the major South African banks declined to continue business with Oakbay and the Guptas have announced their plans to sell their business interests.Howa said on Thursday that Oakbay was a private company and had no legal obligation to make public disclosures, but had decided to hold a media conference to clear up misconceptions and to be more transparent.He said the group, which earned most of its revenue from mining and information and communications technology, reinvested all its profits in the country. Its priorities were to grow profit and job...
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