Guptas to Sell Shareholding in All South African Businesses

We announce today our intention to sell all of our shareholding in South Africa by the end of the year

JOHANNESBURG, South Africa, August 27, 2016/APO/ -- The Gupta Family said:

We believe that this decision is in the best interests of our business, the country and our colleagues

Since our decision to step down from all executive and non-executive positions in all our South African business in April 2016, the local management team has grown our businesses from strength to strength, with turnover and profits showing good growth and more jobs created.

As a family, we now believe that the time is right for us to exit our shareholding of the South African businesses which we believe will benefit our existing employees, and lead to further growth in the businesses.

As such, we announce today our intention to sell all of our shareholding in South Africa by the end of the year.

We are already in discussions with several international prospective buyers and will soon be in a position to make further announcements.

We believe that this decision is in the best interests of our business, the country and our colleagues.

Distributed by APO on behalf of Oakbay Investments.

Statement issued by Gary Naidoo, spokesperson for the Gupta Family, 27 August 2016

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Earlier statement:

Gupta Family Responds to Alleged Comments

We firmly believe in the rule of law and we are happy to answer to any and all allegations made against us

JOHANNESBURG, South Africa, August 27, 2016/ -- We have read media reports on News 24 regarding the alleged comments by Finance Minister Gordhan to his Treasury Staff, about the Gupta family, with deep disappointment.

We have repeatedly pointed out that our family has been a victim of a political campaign against it. A narrative has been constructed against us, which has been perpetuated by many media titles, and that flawed perception has become the truth in the eyes of some. Meanwhile, no charge has ever been brought against us. We repeat the challenge to our detractors – if you have evidence against us, please bring it. Otherwise, please leave us alone. We have no interest in politics, only business.

We remain fully committed as shareholders to ensuring that our business are run on sound business lines with all transactions being done on a transparent, arms-length basis. We hold our executives to high standards and would not hesitate to take action against any one executive who breaches our internal codes of good practice, or indeed, any regulatory, or legislative policy, procedure or framework.  We firmly believe in the rule of law and we are happy to answer to any and all allegations made against us.

Finally, to the media, may we plead with you to not unneccesarily position us in the middle of the current issues in our country.

Distributed by APO on behalf of Oakbay Investments.

Statement issued by Gary Naidoo, spokesperson for the Gupta Family, 27 August 2016

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Earlier statement:

Oakbay and Tegeta react to media speculation

It is regrettable that some media persist in trying to create a narrative that Oakbay’s mining activities represent a conflict between the Company’s majority shareholders and the Treasury

JOHANNESBURG, South Africa, August 27, 2016/ -- Oakbay Investments (www.OakbayInvestments.co.za) and Tegeta have noted press coverage in recent days surrounding the Company’s contracts with Eskom and coal supply from the Brakfontein mine.

We strongly believe we have done nothing wrong and have followed every policy and process correctly and have no issue with government or a regulatory body reviewing our activity.

At the time of the Treasury’s request to release its report, Tegeta offered to participate and assist with the provision of relevant facts and accurate data ahead of release of the report.

We believe that any Report publicly released should be accurate. We also believe that our input would enhance its accuracy ahead of the report being made public. 

It is regrettable that some media persist in trying to create a narrative that Oakbay’s mining activities represent a conflict between the Company’s majority shareholders and the Treasury.  The companies within the group have no direct relationship with Treasury, and are fully supportive of the work being done by Treasury to create an environment conducive to growing South Africa’s economy.

The Gupta family has no Executive or non-Executive role at Oakbay Investments.

Distributed by APO on behalf of Oakbay Investments.

Issued by Oakbay Investments, 27 August 2016