The activity forms part of the application made by finance minister, Pravin Gordhan, and is based on a letter by the business rescue practitioners for Optimum Coal Mine (OCM) reporting the transaction to the South African Reserve Bank.
Oakbay says: “This is yet another inherently flawed attempt by media to create a sensational story out of nothing.”
A statement issued by the company reads:
Earlier this year, some of the country’s biggest financial institutions terminated their relationship with Oakbay. The company is owned by the now-notorious Gupta family, against whom there has been numerous allegations of state capture and corruption related to their close relationship with President Jacob Zuma.