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Old Mutual says it hasn't cut ties to Oakbay's Sahara

Oakbay Investments did not immediately respond to requests for comment.

An Old Mutual building in Johannesburg. Picture: AFP.

JOHANNESBURG - Old Mutual's South African unit said on Wednesday it has not withdrawn insurance cover on a subsidiary of Oakbay Investments, a company at the centre of allegations over political influence.

Reuters reported on Tuesday that Mutual & Federal, through its underwriting arm Credit Guarantee Insurance Corporation of Africa (CGIC), had withdrawn its cover for Oakbay Investments, citing a company document.

CCGI said in a statement it was providing insurance for the Sahara Group, which is part of the Oakbay group.

"Credit Guarantee has not withdrawn its trade credit insurance cover on the Sahara Group of companies (subsidiaries of Oakbay)," Theo Reddi, acting chief executive officer of CGIC said in a statement.

Oakbay Investments did not immediately respond to requests for comment.

Several companies, including all four major banks in South Africa, have severed links with Oakbay Investments following allegations that the Gupta family, its owners, used their friendship with President Jacob Zuma to win political favours.

The president and the Guptas reject the allegations of undue influence