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Gupta family quits Oakbay Investments after “sustained political attack”

The Gupta family and President Jacob Zuma’s son Duduzane Zuma today announced their resignation from Oakbay Investments.

Earlier this week, First National Bank (FNB) announced that it would be closing Oakbay Investment’s accounts, and Absa has also cut ties with the firm.

In terms of company structure, Ajay and Atul Gupta served as co-chairs, Varun Gupta was the CEO of Oakbay Resources and Energy, while Duduzane Zuma was a director of Shiva Uranium. Atul also served as the chair of Oakbay Resources and Energy.

Auditing firm KPMG has also distanced themselves from the company.

The family said the decision was made because of “a sustained political attack”, and if the Gupta family stayed on the board, it would affect employees.

“This decision follows a sustained political attack on the Company, and the concern that the jobs and livelihoods of nearly one thousand employees would be at immediate risk as a result of the outgoing director’s association with the Company. Accordingly, the outgoing directors are of the view that it would be in the best interests of the Company, its shareholders and employees for them to step down with immediate effect,” Oakbay Investments said in a statement.

According to the statement, Terence Rensen will be moved into the position of acting Independent Non-Executive Chairman, and Trevor Scott will serve as acting Chief Executive Officer.

[Image – CC by 2.0/ED HELMS]

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