Oakbay Resources and Energy, linked to the Guptas, will report a loss of nearly R1bn because of an R880m impairment recorded against its Shiva Uranium mine due to low uranium prices and reduced gold output. JSE-listed Oakbay Resources is controlled by the privately held Oakbay Investments, one of the companies at the centre of a political firestorm brewing around its politically connected and increasingly controversial Gupta family shareholders. Oakbay Investments holds 79.99% of Oakbay Resources, a barely traded stock on the bourse. Oakbay Resources had its accounts closed by SA’s largest banks and was abandoned by its external auditors and sponsor for fear of being tainted by the rising tide of disclosures about the family’s dealings in SA’s political and business spheres. The company has had a large turnover in executives in the past year.
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