LG distances itself from Gupta family-owned Oakbay
Oakbay Investments acting CEO Ronica Ragavan earlier named LG as a business that had disassociated itself from the Oakbay group
LG Electronics has sought to distance itself from the Gupta-owned Oakbay Group and by extension the politically connected family, saying it had not done any business with them. The company was named by Oakbay Investments acting CEO Ronica Ragavan in an answering affidavit to Finance Minister Pravin Gordhan’s court application, as one of the businesses that had disassociated itself from the Oakbay group. In October, Gordhan applied for a declaratory order confirming that he could not intervene in a dispute between Oakbay Investments and the four banks. Ragavan claimed a call by Gordhan to "clip the wings" of the Gupta family resulted in 24 businesses disassociating themselves from the group.
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