Gupta’s Oakbay CEO Announces Sudden Resignation Due to Health Issues

JOHANNESBURG – Oakbay Investments – the holding company for the Gupta family’s businesses in South Africa – has announced the sudden resignation of its Chief Executive Officer (CEO) Nazeem Howa with immediate effect.

In a statement this evening, Oakbay said after a period of illness Howa is stepping down, “due to health issues and medical advice”.

Financial Director Ronica Ragavan will assume the role of Acting CEO whilst the Company searches for a permanent successor.

‎Oakbay thanked Howa for his “outstanding contribution” since joining the company in 2010 and wished him the best in his recovery.

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.”

Earlier today Oakbay released another statement in an attempt to set the record straight on Optimum Rehabilitation Fund, confirming that “no monies have been removed” from the fund.

Oakbay said the transfer which took place in June from Standard Bank to Bank of Baroda was due to Standard Bank’s closure of all company accounts, and took place with full permission of the joint Business Rescue Practitioners.

“Any suggestions that the Rehabilitation Fund has been drawn down upon are absolutely untrue and defamatory,” said the statement. “This is yet another example of groundless innuendo circulated by some media which Oakbay has proven to be totally false.”

Oakbay said it will release a separate announcement in response to Minister Gordhan’s affidavit Tuesday morning.