HomeNewsOakbay Investments denies Optimum rehab fund allegations, CEO resigns

Oakbay Investments denies Optimum rehab fund allegations, CEO resigns

Oakbay Investments notes that the Rehabilitation Fund balance was moved from Optimum Mine Rehabilitation Trust’s account with Standard Bank to the Bank of Baroda in June 2016, due to Standard Bank’s closure of all company accounts.

“This is the only movement of money from this account. It was with the full permission of the joint Business Rescue Practitioners,” says Oakbay Investments.

The Gupta family company says that any suggestions that the Rehabilitation Fund has been drawn down upon are absolutely “untrue and defamatory”.

“This is yet another example of groundless innuendo circulated by some media which Oakbay Investments has proven to be totally false.”

CEO resignation

Oakbay Investments has also announced the resignation of its CEO, Nazeem Howa, with immediate effect.

“After a period of illness, Howa has stepped down from his duties at Oakbay due to health issues and medical advice,” says Oakbay.

Ronica Ragavan, the current financial director of Oakbay, will assume the role of acting CEO, whilst the company searches for a permanent successor.

‎Oakbay Investments has thanked Howa for his outstanding contribution to the company since joining in 2010.

Ronica Ragavan, acting CEO of Oakbay Investments, says: “Nazeem has been an outstanding CEO for Oakbay and embodied the company’s philosophy of hard work, innovative thinking, job creation and disruption where disruption creates value.”

“We wish him the very best in his recovery,” says the Gupta family.

“It has been an honour and a privilege to lead such a talented group of co-workers. In time, Oakbay will be recognised as the type of company South Africa needs: innovative, job-creating, tax paying and law-abiding. I look forward to that day,” says Howa.