Guptas quit as company can’t pay staff without banks - letter
8 April 2016
Cape Town – Gupta-owned company Oakbay Investment made contact with President Jacob Zuma and cabinet ministers to express its “deep disappointment” at banks closing its accounts, it was revealed in a leaked letter to staff on Friday.
TimesLive leaked the letter on Friday, moments after the shock announcement by the Gupta family and Zuma’s son Duduzane that they had resigned with immediate effect from all positions at Oakbay.
Oakbay's auditor KPMG, their banks FNB and Absa and their sponsor Sasfin Capital all cut ties with the Guptas in March. "An update regarding the company’s banking relationships will be provided shortly," Oakbay Resources and Energy said in a statement on Friday.
Oakbay Investments CEO Nazeem Howa told staff in the letter that the closure of its bank accounts “made it virtually impossible to continue to do business in South Africa”.