Guptas face JSE suspension
Mining and energy company Oakbay Resources and Energy, which is 80% owned by the Gupta family's investment company, has run out of time to find a replacement sponsor for its JSE listing, which is now under threat. The JSE said on Friday that Oakbay was in breach of listing requirements and it was considering suspending the company, pending "written representations to the JSE to show cause" why the suspension should not be enforced, the exchange said in a statement on Friday.story_article_left1Andre Visser, general manager of issuer regulation at the JSE, said the exchange was giving Oakbay time to submit a written representation stating its case against suspension and could not prejudge the outcome.Oakbay said on Friday since the resignation of its sponsor, Sasfin, it had appointed a new auditor and released its annual results . But the company said its inability to find a new sponsor in time imperilled its status on the JSE.The exchange responded on the same day, saying listing requirements protected investors. Listing sponsors are responsible for ensuring information is submitted to the exchange and to shareholders.There are 29 sponsors on the JSE's website, most of them banks, corporate finance and investment management firms...
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