Oakbay CEO invites media to open communication

Nazeem Howa says there’s a great deal of frustration at how Oakbay is portrayed to the public.

Picture: Facebook.

JOHANNESBURG - Oakbay Investments Chief Executive Officer Nazeem Howa says he wants to open a channel of communication with the media to dispel myths about the company, which he says has worked very hard to achieve a revenue of R2.6 billion for the past financial year.

The Gupta-owned company says only 8.9 percent of its total revenue was derived from government business.

Earlier this year, four South African banks decided to stop doing business with the group, following allegations that the controversial family had undue political influence on President Jacob Zuma.

Howa says there's a great deal of frustration at how Oakbay is portrayed to the public.

"I suppose the fact that we have left a vacuum by not communicating with [the media] has created some misperceptions and misunderstandings about our business. Very often when I see report about ourselves, I am confused about which company we are writing about or reporting on. We want to start a channel of communication with [the media]."


At the same time, Oakbay Investments says the firm's revenue has increased by seven percent in the past financial year, emphasising that this growth has been driven by private sector revenue and not government business.

Howa says he's very proud of the company's financial results, and says the focus should be on those numbers.

"I would like us to very clearly focus on Oakbay. The shareholder is not here; not one of us is a shareholder; so let's keep the shareholder questions for the shareholders."

Howa made a point of dispelling what he says is the misperception that Oakbay is heavily reliant on government business.

"This growth is driven by private sector revenue."

He says despite asking the four banks multiple times for reasons, Oakbay's bank accounts remain closed

However, the CEO says the firm will be reaching out once again, in a bid to reverse the decision.