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Oakbay Resources shares fall 10% after Guptas' exit announcement

The Gupta family announced they’ll be selling off all local shareholding before the end of this year.

Picture: Facebook.

JOHANNESBURG - Shares in Oakbay Resources have fallen 10 percent in the wake of the Guptas' announcement that they plan to sell all their South African assets.

The controversial family announced on Saturday that they'll be selling off all local shareholding before the end of this year.

According to their statement, the Gupta's believe this will benefit its existing employees and lead to further growth in the businesses.

The scandal-hit family is being investigated for allegedly holding undue political sway over President Jacob Zuma and influencing government appointments.

Meanwhile, Treasury looks set to continue probing state contracts with Gupta companies, despite their exit announcement.

The Sunday Times reported that some of the contracts being investigated include a contract that coal company Tegeta has with Eskom, a partnership between the Gupta-linked arms company VR Laser Asia and state weapons maker Denel.

There are also lucrative deals that another Gupta-linked company Trillian enjoys with Transnet.

After several banks closed accounts of the Gupta-owned Oakbay Investments, chairperson Atul Gupta and chief executive officer Varun Gupta resigned.