JOHANNESBURG, October 17 (ANA) -The CEO of the Gupta family’s Oakbay Investments, Nazeem Howa, has resigned, the company said on Monday.
Oakbay said Howa stepped down due to ill health.
“After a period of illness, Mr Howa has stepped down from his duties at Oakbay due to health issues and medical advice. Current financial director Ronica Ragavan will assume the role of acting chief executive officer while the company searches for a permanent successor. Oakbay wishes to thank Mr Howa for his outstanding contribution since joining the company in 2010,†Oakbay said in a statement.
Howa was executive director at Independent Media group before he joined the Gupta media company, The New Age Media, as its chief executive officer six years ago. Howa was also the spokesman for the Gupta family and companies, and in this role vigorously defended them against mounting allegations of impropriety.
His resignation comes as Finance Minister Pravin Gordhan filed a court application that blows the whistle on “suspicious and unusual†transactions by the Gupta business empire totalling R6.8 billion in the past four years.
In his affidavit submitted at the North Gauteng High Court, Gordhan states that Howa had repeatedly pushed him to talk to four major banks – First National Banks, Standard Bank, Nedbank and Absa – to convince them to reverse their decision to shut down the Gupta company accounts a few months ago.
The minister wants the court to rule that he was not legally bound to interfere in the running of the country’s banks.
– African News Agency (ANA)
