Oakbay CEO resigns
Nazeem Howa has resigned as CEO of Oakbay Investment as well as non-executive director of Oakbay Resources with immediate effect.
According to a statement by the company, Howa resigned due to poor health.
"Based on medical advice, Mr. Howa has resigned for reasons relating to poor health," the company said.
Oakbay says the Nominations Committee intends to convene in due course to consider the vacancy.
"Mr. Howa was not a member of any board committee at the time of his resignation. The Board wishes to thank Mr. Howa for his efforts over recent months and wishes him the very best in his recovery," it said.
This news comes hours after Oakbay released a statement in response to suspicious transactions at the company.
The company hit the headlines again after Finance Minister Pravin Gordhan filed court papers on Friday, which had a report from the FIC attached.
The report described transactions amounting to R6.8 billion by Gupta-affiliated companies, as suspicious.