OAKBAY RESOURCES
Gupta ire at IDC for cancelling lending agreement
Gupta-owned Oakbay Resources & Energy has been in contact with the IDC; denies it has done anything wrong
Gupta-owned Oakbay Resources & Energy has described a decision taken by the Industrial Development Corporation (IDC) to cancel an agreement with it as "spurious and malicious". Last week, the IDC announced that it would sue the company after it failed to meet a demand to pay back R293m. This was after allegations of unlawful manipulation of the Oakbay Resources & Energy share price in 2014 ahead of its listing on the JSE. The Gupta family and its entities have consistently denied allegations of wrongdoing in the face of ongoing allegations of state capture and corruption. The company has been in contact with the IDC, but denies it has done anything wrong. "Oakbay has always strictly abided by all relevant financial rules and regulations and upheld all our obligations to shareholders," it said in response to questions by Business Day. "We reject the IDC’s allegations and smears that are part of a wider attempt to discredit Oakbay." The IDC on Tuesday confirmed that Oakbay’s lawyers h...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.