Gupta’s Oakbay withdraws from JSE

GUPTA-owned Oakbay Resources has been suspended, at its request, from trading on the Johannesburg Stock Exchange (JSE).

The JSE granted the voluntary suspension of listing the company’s securities on a temporary basis with immediate effect.

Oakbay has had accounts closed by several of the country’s big banks. External auditors KPMG also jumped ship as well as sponsor Sasfin, leading to concern within the company that it wouldn’t be able to meet its obligations in terms of the listing requirements. – Weekend Argus Reporter