Guptas larney resigns



October 18, 2016
Guptas larney resigns

CEO: Nazeem Howa

Oakbay Investments Nazeem Howa CEO reportedly quit due to ill-health.

The chief executive of the Guptas’ company Oakbay Investments Nazeem Howa has quit.

His resignation comes with immediate effect following a week of high drama involving the controversial Guptas and its companies.

The company and Howa said yesterday the CEO’s resignation was due to ill-health. They did not disclose the nature of the illness.

The news comes after Finance Minister Pravin Gordhan filed a damning affidavit in the Pretoria High Court on why he would not intervene in the decisions of major banks to cut ties with the Guptas.

Gordhan attached a series of letters he exchanged with Howa on the banks debacle.

Gordhan said he cannot, by law, intervene on decisions of the banks.

But Howa insisted he intervene in order to save the jobs of thousands of Oakbay employees.

Gordhan also revealed there were 72 suspicious transactions amounting to R6.83 billion on the Guptas’ accounts.

This led to the Financial Intelligence Centre to raise alarm bells.

But the lawyer for the Guptas, Gert van Merwe, told Independent Media the application by Gordhan was ill-founded, and he would reveal at a later stage “the real reason” why the banks really shut down Gupta accounts.

Howa has become the first top official in Oakbay to quit after the Gordhan fallout.

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