'Gupta company Oakbay is law-abiding'

The company’s former CEO says Oakbay will be recognised as the type that South Africa needs.

Nazeem Howa, CEO, Oakbay Investments. Picture: Supplied.

JOHANNESBURG - Former CEO of Oakbay Investments Nazeem Howa says the company will be recognised as the type that South Africa needs in time - one that is innovative, creates jobs, pays tax and abides by the law.

Howa resigned with immediate effect due to health issues on Monday, after being ill for some time and receiving medical advice to step down from his position.

In court papers filed by Finance Minister Pravin Gordhan last week, it shows that Howa asked the minister to intervene in the Gupta family's dispute with four major banks that closed their accounts.

Howa's resignation comes just days after a bombshell affidavit by Gordhan revealed that nearly R7 billion worth of financial transactions made by companies aligned to the Gupta family were suspicious.

The family has come under pressure due to allegations that they influenced President Jacob Zuma's Cabinet appointments, details which have apparently been outlined in former Public Protector Thuli Madonsela's state capture report.

The Guptas and Zuma's son Duduzane resigned from Oakbay in April after four major banks cut ties with the family, closing their accounts.

[LISTEN] Gupta lawyer opens up dealings with family

Howa joined the company in 2010 and has been fighting for the integrity of Oakbay after allegations that its owners had unduly influenced the president.

He was quoted as saying that Oakbay is the type of company that South Africa needs, saying it is law abiding and he's looking forward to the day that Oakbay is recognised as such.

The lawyer representing the Gupta family says he will force the country's big banks to reveal exactly why they decided to close the bank accounts of their firms, adding none of their transactions were illegal.

To read the court papers filed by Finance Minister Pravin Gordhan, click here.