CEO of Gupta-owned Oakbay Investments resigns
The CEO of Oakbay Investments, which is the holding company for the Guptas' businesses in South Africa, has quit.
In a statement released by the company this afternoon, Oakbay confirmed that Nazeem Howa - who first joined the company in 2010 - has stepped-down due to ill health, after seeking medical advice.
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Oakbay says the Nominations Committee will convene shortly to consider the vacancy.
"Mr. Howa was not a member of any board committee at the time of his resignation. The Board wishes to thank Mr. Howa for his efforts over recent months and wishes him the very best in his recovery," it said.
"The Board wishes to thank Mr. Howa for his efforts over recent months and wishes him the very best in his recovery‚” said the company.
The news comes just days after the wealthy Gupta family were once again thrust into the media spotlight, after Finance Minister Pravin Gordhan filed papers on Friday - requesting the courts to investigate 72 'irregular' transactions (worth R6.8-billion) that were made by the Gupta's and companies they control.
The court papers also detail repeated requests from Oakbay and Howa for Gordhan to intervene, after the country's four major banks took decisions to close down Gupta bank accounts.
Political analyst Sanusha Naidoo suggests Howa may be trying to protect himself from a "legal mess."
"I think these are the issues, these are signs of the times. I think if they go to court, to try and then - as Pravin Gordhan is asking them to do - in terms of the whole issue, if they comes out in the court of law that these things have happened. SO what Nazeem Howa is doing, is hoping to safeguard himself, or just getting out of a mess, in terms of what has transpired, and how much of this will become a legal mess for him, and his principles for Oakbay," she said.
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Earlier today, Oakbay released a statement saying it was working with regulatory authorities and external auditors on the possible impact the transactions might have. The company says they are investigating five of the 72 transactions that were reported to authorities as suspicious.
This is a developing story.