Faizel Patel, Radio Islam News – 17-10-2016
Oakbay Investments has announced its Chief Executive Officer Nazeem Howa has resigned with immediate effect.
The company says Howa who joined the firm in 2010 stepped down from his duties at Oakbay due to health issues and medical advice.
Oakbay has announced Ronica Ragavan, the current Financial Director will assume the role of Acting CEO until the Company searches for a permanent successor.
Howas resignation comes as reports over the weekend that 72 transactions worth R6.8bn involving the Gupta family were featured in a court application filed by Finance Minister Pravin Gordhan.
The financial Intelligence Centre deemed these transactions, concluded between 2012 and June 2016, to be “suspicious” they did not relate to legitimate business transactions.
In a statement Howa said it “had been an honour and a privilege to lead such a talented group of co-workers”.
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