Oakbay notes involvement in 5 of 72 ‘dodgy’ transactions

African News Agency (ANA)

Oakbay notes involvement in 5 of 72 ‘dodgy’ transactions
A logo of Oakbay Investments is seen at the entrance of their offices in Sandton, outside Johannesburg, April 13, 2016. REUTERS/Siphiwe Sibeko

In an apparent attempt to reassure shareholders, Oakbay Resources and Energy released a statement on Monday distancing itself from all but five of 72 so-called “dodgy” transactions involving its owners, the controversial Gupta family.

The statement released via the JSE’s news service was in response to media reports about 72 transactions involving the Gupta family that the Financial Intelligence Centre had identified as “suspicious”.

“The company wishes to advise its shareholders that of the 72 transactions reported to the Financial Intelligence Centre in terms of section 29 of the Financial Intelligence Centre Act, five transactions relate to the company, or its subsidiary company,” it said.

The statement added that Oakbay was in the process of investigating the five transactions and was “working with regulatory authorities, where necessary, in this regard”.

The company said it was also engaging with its external auditors with regard to the transactions and any possible impact they might have on previously reported financial information.

Oakbay added that there was no reason to believe “at this stage” that a restatement of financials would be required and promised to keep shareholders updated.

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SOURCEAfrican News Agency (ANA)