S Africa’s Treasury backs FM’s affidavit on Oakbay Investments suspicious ties to President Zuma

Ajay, Atul and Rajesh Gupta owned Oakbay Investments had been reported to authorities as suspicious since 2012.

By: Reuters | Johannesburg | Published:October 21, 2016 3:38 pm
South Africa, Finance Minister Pravin Gordhan, President Jacob Zuma, Oakbay Investments, latest news, India news, World news, investment news, Internationa news South African President Jacob Zuma has been lined to to suspicious transactions made by Oakbay Investments and its owners. (AP Photo)

South Africa’s Treasury on Friday supported a court application by Finance Minister Pravin Gordhan linking Oakbay Investments and its owners, who have close ties to President Jacob Zuma, to suspicious transactions.

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Gordhan said in a court affidavit that 6.8 billion rand ($485 million) in payments made by Ajay, Atul and Rajesh Gupta and companies they control and other individuals with the same surname had been reported to authorities as suspicious since 2012.

The Gupta-owned Oakbay has said the Gordhan affidavit is flawed, and that they would challenge it in a court.

“This will provide an opportunity for all issues to be properly ventilated in an open court,” the Treasury said in a statement.