In an effort to save thousands of jobs, members of the Gupta Family have announced they will sell of their shares in South Africa.
“Since our decision to step down from all executive and non-executive positions in all our South African business in April 2016, the local management team has grown our businesses from strength to strength, with turnover and profits showing good growth and more jobs created.
The Gupta’s departure sets a dangerous precedent for this country. That conducting business can be made untenable on rumours alone. #Guptas
— Muzi Zwane (@Ndabezitha__) August 27, 2016
“As a family, we now believe that the time is right for us to exit our shareholding of the South African businesses which we believe will benefit our existing employees, and lead to further growth in the businesses.
“As such, we announce today our intention to sell all of our shareholding in South Africa by the end of the year,” the Gupta Family said.
The family said they are already in discussions with several international prospective buyers and will soon be in a position to make further announcements.
“We believe that this decision is in the best interests of our business, the country and our colleagues,” they said.
In April, non-Executive Chairman Atul Gupta and Chief Executive Officer Varun Gupta resigned from Oakbay Resources following concerted attacks on the Companies associated with the company.
“Oakbay Resources regrets to announce the resignation, from all group companies, of both its Non-Executive Chairman, Mr. Atul Gupta, and its Chief Executive Officer, Mr. Varun Gupta, with immediate effect. Additionally, Mr. Duduzane Zuma, has resigned as a Non-Executive Director of Shiva Uranium, a major subsidiary of the Company,” the company said.
The company said the resignations follow sustained political and media attacks putting jobs at stake.
— Editor’s Choice (@phutism) August 27, 2016
“This decision follows a sustained political attack on the Company, and the concern that the jobs and livelihoods of nearly one thousand employees would be at immediate risk as a result of the outgoing director’s association with the Company. Accordingly, the outgoing directors are of the view that it would be in the best interests of the Company, its shareholders and employees for them to step down with immediate effect,” it added.
— Gary Botha (@garybotha123) August 27, 2016