Gupta-owned Oakbay faces JSE suspension
15 July 2016
Cape Town – Gupta-owned Oakbay Resources and Energy is under threat of being suspended from the JSE after it failed to find a new sponsor, it was announced on Friday.
Oakbay’s auditors KPMG, it sponsor Sasfin and its banks all cut ties with Oakbay this year, following allegations of state capture by the Gupta family.
Sasfin ended its JSE relationship with Oakbay Resources and Energy on June 1, but the company had until July 14 to find a replacement.
However, Oakbay announced on Friday that it had been unable to find a replacement.