Oakbay Responds to Sunday Times Story

oakbay investment

12 June 2016

Smears, Faceless Sources and Zero Evidence Continues- With the Help of Media Capture, 12 June, 2016

Johannesburg, South Africa – Sunday 12 June 2016: Today's story in the Sunday Times continues the traditional tactics of Oakbay's detractors which generally involve some, if not all, of the following:

  • Leaks;
  • Smears;
  • Faceless Sources;
  • Zero Evidence;
  • Lies;and
  • Repeating lies until they get accepted as truth
  • These tactics are used in collusion with the many media houses the business establishment has captured.

    Nazeem Howa, CEO of Oakbay Investments (OakbayInvestments.co.za), said:

    "We are very happy to work directly with the Reserve Bank to resolve any questions around ourselves. We are very clear that we have done nothing wrong. To date, we have had no contact from the Reserve Bank or any other institution around these unfounded allegations and we would expect any respected journalist to ensure on the record confirmation rather than rely on faceless sources."

    "It is of great concern to us that nameless government sources collaborate with the Sunday Times in the ongoing campaign to isolate and threaten any party who come close to working with us."

    "This is another step in the ongoing campaign to further prevent us from working with any bank, so we cannot pay our thousands of workers, who are ordinary South African citizens."

    It is clear that the biggest problem in this country-jobs-and the lack of them-does not matter to some elements of the business establishment.

    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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