EXCLUSIVE: Pay agent Terbium ditches Gupta-linked Oakbay
Oakbay’s third-party payment provider Terbium Financial Services cites ‘sensitivities and conflicts of business interests’
The desperation of the Oakbay group to keep its accounts at the Bank of Baroda open appears to have arisen from a decision by Oakbay’s third-party payment provider to cut all ties with the group, Business Day has learnt. Other firms contracted to handle the service are not operational. Terbium Financial Services, which acted as Oakbay Resources and Energy’s transfer secretary on the JSE but resigned as state capture and money-laundering allegations swirled around the Gupta family, said it had severed ties with the group of companies. Three others – Smart City Innovations, The White Lion and Option Rainbow Maritime – do not seem to be registered with the relevant bodies. "When it became evident earlier this year of the sensitivities and conflicts of business interests in handling Oakbay as a client, Terbium immediately resigned the business, but we received legal advice that we would have to honour the contractual notice period which ended in August," said Terbium CEO Andre van der Z...
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