"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," the company said in a statement issued via the Stock Exchange News Service.
"Additionally‚ Mr Duduzane Zuma has resigned as a non-executive director of Shiva Uranium‚ a major subsidiary of the company," it said.
EXCLUSIVE: Oakbay calls on Zuma and Cabinet ministers for help in leaked letter
This follows the company being abandoned by Absa and FNB banks and the withdrawal of its auditors, KPMG, as well as its stock exchange sponsors, Sasfin.
The company is at the centre of the "Guptagate" storm over President Jacob Zuma's close association with the Gupta family, who have been exposed for "interviewing" for positions in Zuma's cabinet.
Most recently, Deputy Finance Minister Mcebisi Jonas revealed that the Guptas had approached him to become finance minister.
The company's announcement stated:
"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."
Oakbay also said in its statement that it would shortly provide an update regarding the company’s banking relationships.
Additional reporting by RDM
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