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Patel: IDC to use all legal means to recover R293m from Oakbay

Oakbay had until midnight to repay the IDC R293 million in outstanding capital and interest after the IDC cancelled its loan agreement with the Gupta company.

FILE: Economic Development Minister Ebrahim Patel. Picture: EWN

CAPE TOWN - Economic Development Minister Ebrahim Patel says the Industrial Development Corporation (IDC) will use all legal means possible to recover nearly R300 million from the Gupta-owned company, Oakbay Resources & Energy.

The company had until midnight on Thursday night to repay the money after the IDC cancelled its loan agreement with Oakbay in the wake of allegations that its share price was manpulated ahead of its listing on the Johannesburg Stock Exchange (JSE).

Oakbay had until midnight to repay the IDC R293 million in outstanding capital and interest after the IDC cancelled its loan agreement with the Gupta company.

The move follows reports of the alleged manipulation of Oakbay share prices ahead of the company’s listing on the JSE three years ago. The IDC loaned Oakbay R250m in 2010, and this agreement was restructured ahead of the listing in 2014.

Patel says the IDC asked advocate Geoff Budlender to investigate following reports that Oakbay’s share price had allegedly been inflated by people using money lent to them by the Guptas.

Patel says the IDC believes that various misrepresentations and breaches of warranties were committed by Oakbay.