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Oakbay Investments reveal earnings from govt business

The group says 8.9% of its total revenue of R2.6 billion was derived from government business.

Atul Gupta. Picture: Supplied.

JOHANNESBURG - Gupta-owned Oakbay Investments says it earned R233 million from government business in the past financial year.

The group released a statement today saying 8.9 percent of its total revenue of R2.6 billion was derived from government business.

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

Unlisted Oakbay Investments reported a 7% increase in revenue compared to the previous financial year.

It says government contracts accounted for only 8.9% of the group's total revenue.

JIC Mining Services, the group's largest mining company and Sahara Computers, were the biggest contributors in terms of revenue, with the company emphasising that neither had government contracts.

Oakbay's chief executive Nazeem Howa says he hopes these results will help audiences understand their operations and dispel some of the myths that have been built up about the group, especially that they are heavily reliant on government business, when nothing could be further from the truth.

The results will be presented to the media in Sandton this afternoon.