Cash held by Oakbay Resources and Energy, the JSE-listed company with interests in coal, gold and uranium and controlled by the Gupta family and Duduzane Zuma, had dwindled to R2.7m at the end of February, from R224.9m a year previously, it reported on Friday. Current liabilities also exceeded current assets by R15.9m and its bottom-line loss for the period was R936.5m. Auditors SizweNtsalubaGobodo issued an unmodified audit opinion on the results and, while noting it, did not raise any material uncertainty about the company’s ability to continue as a going concern. Oakbay did not explain how it intended to deal with its cash needs. "Despite the continued losses, management is confident that based on their assessment and the turnaround strategy implemented, the group will remain a going concern," Oakbay said. CEO George van der Merwe could not be reached for further comment. The main use of Oakbay’s cash in this period was to repay R37.5m due to the Industrial Development Corporatio...
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