User:Dodger67/Sandbox/Oakbay Investments
Oakbay Investments (Pty) Ltd. is a South African company owned by the Gupta family. It is the holding company of the family's investments in South Africa.[1] The company has been involved in various controversial transactions with people closely associated with the government of South African President Jacob Zuma. These activities have led to many accusations of state capture and interference in political processes.
Subsidiaries
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Oakby Investments holds shares in the follwing subsidiaries:[2][3][4]
ICT sector
[edit]Sahara Holdings
[edit]Sahara Computers
[edit]Mining and commodities
[edit]Oakbay Resources and Energy
[edit]Shiva Uranium
[edit]The company was formed in 1921 and known as Uranium One Africa Limited prior to being renamed Shiva Uranium in April 2010 when Oakbay Resources & Energy purchased the company.[5][6] It is headquarters is based in Klerksdorp, South Africa.[6] Its key people include Varun Gupta as CEO, George van der Merwe as COO and Anil Kumar Gupta as its chairman.[6] Its main business is gold and uranium mining with the uranium used for military products in high-density penetrators.[6]
The price was R270 million and paid for after obtaining a loan of R250 million from the Industrial Development Corporation (IDC).[5] The company would later sell part of the company to Duduzane Zuma who purchased 26% and Oakbay retained control of the rest.[5] In December 2015, Shiva was now valued at R10.7 billion based on net assets.[5] In April 2013, as the IDC loan was due to be paid, Oakbay had defaulted on the loan now worth R450 million with interest.[5] The IDC would not foreclose but instead restructured the loan.[5] When the miner listed on the JSE in May 2014, the interest up to that point was converted into shares and the loan to be paid by 31 March 2018.[5]
It owns uranium and gold deposits at Hartbeesfontein in the North West province at the Dominion and Rietkuil mines.[7] In August 2014, mines had produced 6721 oz during the last six months.[7] In March 2016, it had three shafts in operation with two more planned.[8] Cabanga Concepts who conducted yearly environmental audits of the company appear to show a good environmental compliance.[8]
JIC Mining Services
[edit]Media
[edit]TNA Media
[edit]The New Age (newspaper)
[edit]Infinity Media
[edit]ANN7 (African News Network 7) is South Africa's third 24-hour news channel, broadcast on Multichoice's DStv satellite television service.[9] The channel's launch in August 2013 was initially met with public mockery when numerous technical issues and mistakes made by untrained presenters went viral online.[10]
ANN7 is primarily controlled by Infinity Media Networks which is owned jointly by Oakbay Investments (35%), Essel Media (35%), Mabengela Investments (21%) and a further 9% has been reserved for staff and management.
Mabengela Investments is a broad-based black economic empowerment company of which Duduzane Zuma holds a 45% stake. Other shareholders are Rajesh Kumar Gupta (25%), Aerohaven Trading (15%), Fidelity Investments (10%), Mfazi Investments (3%) and Ashu Chawla (2%).
Property and leisure
[edit]Clifftop Lodge
[edit]Controversies
[edit]In September 2017, KPMG announced the resignation of key personnel at KPMG South Africa.[11]: 23 An internal investigation of the South African division found serious shortcomings when it came to maintaining KPMG standards when conducting business with the Guptas but found no sign of illegal or corrupt practices.[11]: 23 In addition to resignation of five senior partners, Trevor Hoole, CEO, Ahmed Jaffer, Chairman and Steven Louw, CFO, also resigned.[11]: 23 Nhlamu Dlomu was appointed the new CEO and promptly apologised for the firms failings and promised to donate the fees generated since 2002 by KPMG from the Gupta business, to charity, a sum worth R40 million.[11]: 23
References
[edit]- ^ "Oakbay Investments - Home". Oakbay Investments. Retrieved 30 May 2017.
- ^ "The beginners' guide to the Guptas". The M&G Online. 2013-05-07. Retrieved 30 May 2017.
- ^ "Oakbay Investments - Group Overview". Oakbay Investments. Retrieved 30 May 2017.
- ^ "Oakbay Overview". Oakbay Investments. Retrieved 30 May 2017.
- ^ a b c d e f g "DA urges IDC to give Guptas 'a wide berth'". 25 May 2016.
{{cite magazine}}: Cite magazine requires|magazine=(help) - ^ a b c d "Company Overview of Shiva Uranium Pty Ltd". Bloomberg. 12 June 2017.
- ^ a b Kolver, Leandi (28 November 2014). "Oakbay lists on JSE". Mining Weekly. Retrieved 12 June 2016.
- ^ a b Jackson, Lynne (18 March 2016). "Enviro impact of mine top of mind". Mining Weekly. Retrieved 13 June 2017.
- ^ "Gupta Channel goes Live". Business Day Live. Retrieved 27 August 2013.
- ^ "The Gupta goofs: ANN7 news channel fumbles through launch". Times Live. Retrieved 30 May 2017.
- ^ a b c d Withers, Iain (16 September 2017). "KPMG ignored 'red flags' over Guptas". The Daily Telegraph (UK).
{{cite news}}:|access-date=requires|url=(help)