NEWS & ANALYSIS

Sell state’s Gupta-shares immediately to save taxpayers money - FF Plus

Reports say share price being kept artificially high to the advantage of the Guptas

Sell state’s Gupta-shares immediately to save taxpayers money, FF Plus says

11 April 2016

The price of shares in the Gupta’s company, Oakbay, is being kept artificially high, and the state must sell its shares in the company immediately before the price falls, and large losses are experienced, Adv. Anton Alberts, the FF Plus’ parliamentary spokesperson on Trade and Industry, says.

According to Adv. Alberts the state has shares in Oakbay via the Industrial Development Corporation (IDC), to the value of R256 million.

Oakbay was recently in the news when ABSA, FNB and the auditors firm KPMG had turned their backs on the company in fear of possible political contamination and/or corruption.

According to a report in today’s Business Day, Oakbay is currently totally over-valued, and its share price is in the interim being kept artificially high, to the advantage of the Guptas.

Adv. Alberts says he had sent a letter to the Minister of Trade and Industry, Dr. Rob Davies, today in which he requested that the shares are sold without delay, to reduce any losses for taxpayers before the share price drops.

Issued by Anton Alberts, FF Plus parliamentary spokesperson: Trade and Industry, 11 April 2016