FILE PICTURE: Minister Pravin Gordhan flanked by Deputy Minister Mcebisi Jonas and Director General Lungile Fuzile Arrive ahead of the budget Speech). Minister of Finance Mr Pravin Gordhan delivered his 2017 Budget Speech in the National Assembly, Parliament. Cape Town 22/02/2017, Kopano Tlape, GCIS

In The News South Africa

Oakbay Investments welcomes ruling on FIC report, aims to prove innocence

JOHANNESBURG – Oakbay Investments welcomed the High Court’s ruling on Tuesday that the FIC report detailing “72 suspicious transactions” and Deputy Finance Minister Mcebisi Jonas’s affidavit be struck from Finance Minister Pravin Gordhan’s application.

Gordhan has approached the court, seeking a declaratory judgment endorsing that he cannot intervene in the dispute between Oakbay Investments and South Africa’s major banks. Oakbay said that the next step was to get access to all information pertaining to the 72 transactions so that the company can finally prove its innocence.

Ronica Ragavan, Acting CEO of Oakbay Investments said after proceedings were adjourned on Tuesday: “We are delighted that the FIC report, Deputy Minister Jonas’s affidavit and any reference to either of them have been struck from the Finance Minister’s application. As the Court agreed, the report and the Jonas affidavit are irrelevant to the application. They serve no purpose but to further the Minister’s own political agenda and to tarnish the Group’s image.

“For months we have said the list of 72 transactions has been a tool to smear our name and drive unsubstantiated negative media coverage of our business and our shareholders. When attached to a totally unnecessary application, with no contested legal issue, it becomes clear what the Finance Minister is up to,” Ragavan said.

“Now we want the information we need to prove our innocence. We call on the Finance Minister, the banks, the FIC and anyone with the power and authority to release the full details of the 72 transactions so that we can identify them. The truth will come out in the end and today is just the start.”

Staff Reporter

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