Johannesburg/London - The Gupta family, owners of Oakbay Investments and friends of South African President Jacob Zuma, has been subjected to “cruel and harsh” treatment from the media, contributing to the decision to sell their local businesses, the company’s chief executive officer said.
There has been tangible interest from an international investor for the assets, Oakbay CEO Nazeem Howa said on Tuesday during an interview with Bloomberg. The decision by the Guptas, which have holdings ranging from coal mining to media, has nothing to do with politics, he said.
“There’s never a right time to sell a business, but we’ve had some interest from some international parties,” Howa said. “We’d be crazy to close our eyes just to one party, so we will consider other offers as well.”
The family made the surprise announcement on August 27 that it will exit all its interests in South Africa by the end of the year. Zuma, who has described the Guptas as friends while denying that they wield political influence, is facing a public backlash over a police investigation into Finance Minister Pravin Gordhan.
Howa said he respects Gordhan as finance minister.
Criticism of Zuma has intensified since police revealed last week that they asked Gordhan, 67, to appear at their offices over allegations including setting up an illicit investigative unit while he headed the national tax agency. Gordhan, who refused to go to the police, denies any wrongdoing.
Oakbay Investments owns 80 percent of Oakbay Resources & Energy, a gold and coal mining company listed on the Johannesburg Stock Exchange. Other businesses include closely held Sahara Computers, a heavy-equipment supplier, a safari lodge, a television news channel and a national newspaper.
BLOOMBERG