Gupta-owned Oakbay Resources suspended from JSE
The company has been granted a request for a voluntary, temporary suspension due to ‘significant uncertainty’ about its ability to meet its future obligations
On Friday, the JSE granted a request by Gupta-owned Oakbay Resources for a voluntary, temporary suspension of the listing of its securities, to take place with immediate effect. Oakbay Resources has had its accounts closed by the country’s largest banks and was abandoned by its external auditors, KPMG, and sponsor, Sasfin. This followed the rising tide of disclosures about the Gupta family’s dealings in SA’s political and business spheres. "As previously communicated to shareholders‚ the recent resignations of the company’s sponsor‚ transfer secretary and an independent non-executive director (who was also the chairman of the company’s audit committee) has created significant uncertainty around the ability of Oakbay Resources to continue to meet its future obligations in terms of the listings requirements‚" the company announced on Sens. As a direct consequence of these circumstances‚ the board believed it would be in the best interests of the company and its shareholders that the l...
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