Gupta Family Steps Down



oakbay investment

8 April 2016

GUPTAS STEP DOWN FROM OAKBAY TO SAVE THOUSANDS OF JOBS, 8 April, 2016

Question to the Establishment that holds the livelihoods of tens of thousands in its hands: Can you do the right thing now that we have stepped aside?

Johannesburg, South Africa – Friday 8 April 2016: The Gupta Family said:

 "It is with deep regret and a heavy heart, that following a period of sustained political attack on our family and our businesses, we took the decision yesterday to resign all executive and non-executive positions held in Oakbay Investments, by Gupta family members."

"Oakbay's executive committee and the CEOs of each of the businesses will continue to oversee the management and running of the business and all portfolio companies going forward."

"We find it totally unacceptable that several thousand direct employees and tens of thousands of their dependents will have to suffer as a result of the campaign against Oakbay and the Gupta family."

"By stepping down from all executive and non-executive positions and any involvement in the business, we hope to save the livelihoods of tens of thousands of people in our great rainbow nations of employees and to de-politicise my participation in business."

Notes to Editors:

For more information, please contact: corpcomm@oakbay.co.za.

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.



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