Questions raised over Gupta business as ‘jet touches down in India’
Earlier today, Oakbay Investments CEO Nazeem Howa said the brothers were not ‘fleeing the country’.
JOHANNESBURG - With mounting reports that two of the Gupta brothers have left South Africa amid accusations of ' state capture', questions have been raised about where the business will be operated from.
This comes with the news that the private jet believed to have transported Gupta brothers Ajay and Atul out of South Africa to Dubai last Thursday, has now reportedly flown on to India.
However, earlier today Oakbay Investments CEO Nazeem Howa said the brothers were not 'fleeing the country'.
There is still not clarity on the whereabouts of the two Gupta brothers.
Last week, major players in the financial sector cut ties with the Gupta-owned company Oakbay Investments, prompting the resignation of the two brothers.
Howa claimed the boycott by key financial role players could affect the company's ability to pay workers' salaries.
But investment risk analyst Daryl Ducasse says the company is large enough to secure funding from banks elsewhere.
"A company that has the marketing capital of R19 billion should be in a pretty easy situation to leverage short-term working capital."
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He says if reports about the Gupta brothers fleeing the country prove to be true, they could still run the company from Dubai.
Oakbay investments owns an 80 percent stake in the JSE listed Oakbay Resources and Energy, and has links to other businesses including the New Age newspaper and TV channel ANN7.
The latest development follows a decision by Absa, Sasfin, KPMG and FNB to cut ties with the family.
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