8 April 2016
DUDUZANE ZUMA STEPS DOWN FROM ALL OAKBAY COMPANIES AND TO EXIT HIS INVESTMENTS, 8 April, 2016
Johannesburg, South Africa – Friday 8 April 2016: Duduzane Zuma said:
"I like any other South African citizen have constitutionally protected rights."
"My history and background is no different from that of all previously disadvantaged black people."
"The economy is necessarily skewed against us, which is the very basis of the struggle for political and economic emancipation."
"It is beyond dispute that our political miracle did not usher in an economic miracle for our people, hence the grinding poverty, unemployment and persisting inequality."
"Poverty in South Africa carries a black face and I didn't invent that."
"Notwithstanding my efforts to participate meaningfully in the economy, aspersions were cast on me and my family."
"As a result therefore, I have decided to relinquish all positions that I hold at Oakbay companies and am exiting investments to preserve the jobs of Oakbay's thousands of employees and to de-politicise my participation in business.""Lastly, I will continue to be part of my generation whose mission is the economic emancipation of our people. This, my generation will achieve. Like our fathers achieved political liberation for us."
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About Oakbay Investments and the Gupta family
Oakbay Investments (oakbayinvestments.co.za) has invested more than R10 billion in South Africa. Oakbay Investments is 100% transparent - all numbers have been verified by one of the world’s most respected accountancy firms.
The Gupta family has a 23-year history of strong business performance and turnaround skills. This strong performance has come almost entirely via successful activity in the private sector, with less than 1% of the Group’s revenue coming from government contracts.
Sector diversification has also enabled Oakbay companies to deliver consistent growth and job creation throughout times of both economic boom and bust. For example, 47,000 jobs have been lost in South Africa’s mining sector between 2012 and 2015. In contrast, Oakbay’s mining companies have created 3500 of jobs in the sector.