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Johannesburg – Oakbay Resources and Energy Limited [JSE:ORL] has confirmed that five of its transactions are implicated in the list of 72 transactions reported to the Financial Intelligence Centre (FIC).
Oakbay Resources and Energy is one of the mining subsidiaries that falls under Oakbay Investments. The JSE-listed firm owns Shiva Uranium and the Brakfontein mine.
This follows reports over the weekend that R6.8bn worth of transactions involving the Gupta family were featured in a court application filed by Finance Minister Pravin Gordhan. These transactions were concluded between 2012 and June 2016. News24 reported that these transactions were deemed “suspicious” by the FIC because they did not relate to legitimate business transactions.
READ: HERE IT IS: The full list of 72 'dodgy' Gupta transactions
“Five transactions relate to the company, or its subsidiary company,” Oakbay stated in a Sens announcement issued on Monday. “The company is in the process of investigating the five transactions referred to above, and is working with regulatory authorities, where necessary, in this regard.”
Oakbay stated it is engaging with external auditors regarding the transactions and any possible impact that may result in relation to previously reported financial information.
“At this stage, the company does not have any reason to believe that previously reported financial information will be restated in relation to these five transactions, and shareholders will be updated accordingly in this regard.”
Subsidiaries featured in the FIC report include Shiva Uranium, with transactions worth R968m, and Oakbay Investments, with transactions worth R781m. Coal mine Optimum’s mining rehabilitation fund came to the fore with a R1.3bn transaction.
ALSO READ: Sarb's Kganyago raised red flag on Gupta bank probe
South African Reserve Bank (Sarb) governor Lesetja Kganyago flagged possible political interference into banks in April this year. Fin24 reported Kganyago raised these concerns in a letter, which formed part of the affidavit submitted by Gordhan on Friday.
Earlier this year, Oakbay Investment CEO Nazeem Howa said the company supported a judicial inquiry into four major banks which closed off the company’s account, without reason. “We are still in the dark as to why they closed accounts. A judicial inquiry will ensure that the truth comes out,” he said.
At the announcement of Oakbay Investments' financial results in September, Howa said reports on state capture were untrue. The group also emphasised that it earned only R233m from its total revenue of R2.62bn from government contracts.
READ: Gordhan the real target of 'judicial inquiry into banks'- MP
