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The cash-strapped, Gupta-owned Oakbay Resources & Energy’s woes have escalated with news that the Industrial Development Corporation (IDC) is suing it for its failure to meet a demand to pay R293m by Thursday.
The claim arises from the alleged unlawful manipulation of the Oakbay share price ahead of the company’s listing on the JSE in November 2014.
The allegations, investigated by the Financial Services Board, were that a Singaporean entity funded by the Gupta family bought shares in Oakbay just prior to its listing in order to boost the share price.
IDC divisional executive for transaction support and post investment Gert Gouws confirmed on Thursday evening that the money had not been paid by the deadline set and that legal action would proceed.
No comment was forthcoming from Oakbay Resources, but according to reports it has no cash to pay the claim. In June it announced that its cash supply had dwindled from R225m to R2.7m.
Economic Development Minister Ebrahim Patel said in a s...
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