Oakbay responds to suspicious transactions
Oakbay Resources has told its shareholders it's investigating five transactions referred to in legal proceedings instituted by the Finance Minister Pravin Gordhan.
The Gupta-owned company released a statement saying it's working with regulatory authorities and its external auditors on the possible impact the transactions might have.
"The Company wishes to advise its shareholders that of the 72 transactions reported to the Financial Intelligence Centre ("the FIC") in terms of section 29 of the Financial Intelligence Centre Act ("the FIC Act"), five transactions relate to the Company, or its subsidiary company," it said.
Gordhan filed court papers on Friday which had a report from the FIC attached. The report described a number of transactions, to the tune of R6.8 billion by Gupta affiliated companies, as suspicious.
Oakbay, however, says it doesn't believe any previously reported financial information will be restated.
"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," the company said.