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Guptas, Zuma cut ties with Oakbay Investments

The family says it’s taken the decision, after a sustained political attack on them and their businesses.

Atul Gupta. Picture: Atul Gupta Kumar/Facebook.

JOHANNESBURG - The Gupta family has announced that all of its members, including Duduzane Zuma, have now resigned from their positions in their holding company, Oakbay Investments.

The family says it's taken the decision, after a sustained political attack on them and their businesses.

In two separate statements the Gupta family and Zuma say that they're resigning from all of their positions on Oakbay, because they want to save the jobs of the thousands of people who work for the company.

In his statement, Duduzane Zuma, the son of President Jacob Zuma, says he's leaving his position because aspersions have been cast on him and his family and that he wants to de-politicise his participation in business.

The Gupta family has previously denied offering Cabinet positions to members of the African National Congress, so long as they followed certain conditions.

They say Oakbay's executive committee and the Chief Executive Officer of the businesses will continue to run them.

The Gupta's and Zuma are currently involved in a deal in which they need to R2.1 billion to finance their purchase of the Optimum Coal Mine.

Last week, Absa and auditing firm KPMG cut ties with the Gupta family following allegations that brothers Atul and Ajay hold undue influence over President Zuma and several high-profile business people.

Investment bank Sasfin said it had severed links with Gupta mining firm Oakbay Resources and Energy in March, two days after a newspaper suggested they may have had a hand in Zuma's sacking of Finance Minister Nhlanhla Nene in December.

Sasfin's relationship with Oakbay will formally end on 1 June, a Sasfin spokeswoman said.

Earlier this week, Oakbay director Nazeem Howa, confirmed that FNB also cut ties with the company.

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