Oakbay CEO steps down, company to respond to S.A FinMin Gordhan affidavit Tuesday - CNBC Africa

Oakbay CEO steps down, company to respond to S.A FinMin Gordhan affidavit Tuesday


by CNBC Africa 0

Photo: Wikimedia

Gupta-family owned company, Oakbay Investments has announced the resignation of its Chief Executive Officer, Nazeem Howa, with immediate effect, due to health reasons, see statement below.

This announcement follows the company's statement issued earlier today confirming that five of the 72 suspicious transactions listed in an affidavit by Finance Minister Pravin Gordhan, relate to Oakbay Resources or its subsidiary, Shiva Uranium.

It however denied that monies had been removed from the Optimum Rehabilitation Fund. Oakbay says it will release a separate announcement in response to Minister Gordhan's affidavit tomorrow morning.

Oakbay Investments announces CEO resignation due to health issues

After a period of illness, Mr. Howa has stepped down from his duties at Oakbay due to health issues and medical advice.

Ronica Ragavan, the current Financial Director of Oakbay, will assume the role of Acting Chief Executive Officer, whilst the Company searches for a permanent successor.

‎Oakbay wishes to thank Mr. Howa for his outstanding contribution to the Company since joining in 2010.

Ronica Ragavan, Acting Chief Executive Officer of Oakbay Investments, said:

"Nazeem has been a outstanding Chief Executive for Oakbay and embodied the company's philosophy of hard work, innovative thinking, job creation and disruption where disruption creates value.

"We wish him the very best in his recovery."

Nazeem Howa said: "It has been a honour and a privilege to lead such a talented group of co-workers. In time, Oakbay will be recognised as the type of company South Africa needs: innovative, job-creating, tax paying and law-abiding. I look forward to that day." 

Oakbay Investments sets the record straight on Optimum Rehabilitation Fund

Oakbay confirms that no monies have been removed from the Optimum Rehabilitation Fund

The Rehabilitation Fund balance was moved from Optimum Mine Rehabilitation Trust’s account with Standard Bank to Bank of Baroda in June 2016. This transfer was due to Standard Bank’s closure of all company accounts.

This is the only movement of money from this account. This movement was with the full permission of the joint Business Rescue Practitioners.

Any suggestions that the Rehabilitation Fund has been drawn down upon are absolutely untrue and defamatory.

Attached to this announcement is a certificate from Bank of Baroda (dated 5 October 2016) which confirms the balance of the Rehabilitation Fund (http://APO.af/tyMhK2).

This is yet another example of groundless innuendo circulated by some media which Oakbay has proven to be totally false.

Oakbay will release a separate announcement in response to Minister Gordhan’s affidavit tomorrow morning – Tuesday 18 October 2016.