Oakbay Investments responds to reports by The Sunday Times

Oakbay Investment

20 March 2016

Oakbay Investments responds to reports by The Sunday Times regarding comments from Themba Maseko 20 March, 2016

Issued on behalf of the Gupta Family 

Johannesburg, South Africa – Sunday 20 March 2016: Nazeem Howa, CEO of Oakbay Investments, the holding company for the Gupta family's businesses in South Africa, said:

 "We are bemused by Mr Maseko's six-year-old allegations, which are totally unfounded. It is clearly part of an ongoing, coordinated campaign involving others, to continue an already vicious politically-driven attack, using the Gupta family as a proxy."

"As a senior government official at the time of the alleged incident, surely Mr. Maseko would have followed the accepted regulations and responsibilities that came with his role and reported what amounts to serious allegations to the appropriate responsible officials, including his Minister. We are keen for Mr Maseko to confirm that this was done at that time in keeping with the legal responsibilities he had as an official of GCIS."

Both Oakbay and the Gupta family have full confidence in the country's constitution, and appropriate judicial and political processes, to ensure that the truth is exposed for the South African people.

"Finally, if Mr Maseko's allegations are to be believed, The New Age would have received an extraordinary amount of government advertising post its launch, which the statistics prove is totally untrue."

"For the period from The New Age's launch on December 6, 2010 to December 31, 2011, (the period that Mr Maseberefers to) the paper received 1,8% of national government's total advertising spend, which makes a mockery of alleged pressure to push revenue to The New Age."

"Despite TNA Media being a private company, we are taking the unusual step of releasing confidential company information, in the interests of full transparency. For the period December 6, 2010 to December 31, 2011 total advertising booked by GCIS into The New Age was under R2.5million for the full period."

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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