Oakbay CEO resigns with immediate effect


Following a week of explosive statements by embattled Finance Minister Pravin Gordhan about the Guptas’ alleged dubvious financial affairs, including Gupta-owned Oakbay Investments, CEO of the firm Nazeem Howa has resigned with immediate effect.

“After a period of illness, Mr. Howa has stepped down from his duties at Oakbay due to health issues and medical advice,” said Oakbay in a statement. “Ronica Ragavan, the current financial director of Oakbay, will assume the role of Acting Chief Executive Officer, whilst the Company searches for a permanent successor.”

Ragavan said, “Nazeem has been a outstanding Chief Executive for Oakbay and embodied the company’s philosophy of hard work, innovative thinking, job creation and disruption where disruption creates value. “We wish him the very best in his recovery.”

“It has been a honour and a privilege to lead such a talented group of co-workers. In time, Oakbay will be recognised as the type of company South Africa needs: innovative, job-creating, tax paying and law-abiding. I look forward to that day,” said Howa in the statement.