Gupta’s Oakbay Resources secures JSE-approved sponsor River Group
GUPTA-family controlled Oakbay Resources and Energy has averted suspension by the JSE by securing a JSE-approved sponsor, River Group.The JSE said in a statement on Thursday "in light of this, the JSE wishes to confirm that it is no longer considering the suspension of the issuer’s [Oakbay’s] listing because the issuer has now complied with section 2.2 and/or section 3.3 of the JSE Listings Requirements".According to River Group’s website, it was founded in 1998 and its clients include Kibo Mining.In April, Sasfin Capital gave Oakbay notice it would no longer be acting as its JSE sponsor from March 15. In the same announcement, Oakbay advised shareholders its auditors, KPMG, resigned with immediate effect.Oakbay, along with other Gupta-owned businesses, struggled to find reputable financial institutions willing to do business with it after Deputy Finance Minister Mcebisi Jonas said in a statement: "Members of the Gupta family offered me the position of minister of finance to replace...
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