The Guptas and President Jacob Zuma's son Duduzane Zuma on Friday announced their resignation from Oakbay Investments and Oakbay Resources and Energy [JSE:ORL].
This family, which owns Oakbay, includes Atul, Ajay, Chetali, Rajesh "Tony", Arti and Varun Gupta.
Ajay and Atul were the co-chairs of Oakbay Investments, while Atul was the chair of Oakbay Resources and Energy. Varun Gupta was the CEO of Oakbay Resources and Energy, while Duduzane Zuma was a director of Shiva Uranium.
The family has come under increasing pressure due to allegations that they influenced President Jacob Zuma's appointment of Mines Minister Mosebenzi Zwane and former finance minister Des van Rooyen, as well as offering ministerial posts to Deputy Finance Minister Mcebisi Jonas and former ANC MP Vytjie Mentor.
The allegations are that in return for these positions, these ministers would ensure the Guptas received government business and contracts, resulting in "state capture".
Oakbay's auditor KPMG, their banks FNB and Absa and their sponsor Sasfin Capital all cut ties with the Guptas in March. "An update regarding the company’s banking relationships will be provided shortly," Oakbay Resources and Energy said in a statement on Friday.
Its share price dropped 0.19% to R26.75 at 14:40 with a market capitalisation of R21bn. It had recovered much of its losses since February 10, when the price dropped from R30.50 to 7.55.
