Guptas and Zuma son resign from Oakbay company

Two Gupta brothers and Duduzane Zuma have resigned from their roles within Oakbay Resources and Energy Limited‚ citing concerns for the future of the company due to the political aspersions cast on their involvement.

“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. Additionally‚ Mr. Duduzane Zuma‚ has resigned as a Non-Executive Director of Shiva Uranium‚ a major subsidiary of the Company‚” A the company said in a statement issued via the Stock Exchange News Service.

“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.”