Oakbay’s Nazeem Howa queries inaccuracies in Sunday Times report

Yesterday Biznews published the article ‘Guptas vs Sunday Times – Oakbay director Howa protesteth too much’, which saw Nazeem Howa hit out at a report published in the Sunday Times, labelling it ‘factually bankrupt’. Below is a right of reply from the Oakbay Investments director. – Stuart Lowman


  1. Nazeem Howa is a director of Oakbay Investments, not Oakbay Resources & Energy.
  2. Atul Gupta has been in South Africa since 1993 and subsequently became a South African citizen, and is not, as such, an Indian immigrant. South Africa has benefitted from some 5,000 jobs created since he opened his first business here that year. The Gupta family takes its responsibilities seriously and meets its commitments as a South African corporate citizen, paying tax and abiding by the laws of the country. Profits generated are reinvested into the South African business to create future development and jobs.
  3. Varun Gupta was not appointed because of his name or family connections. He holds an engineering degree from the University of Johannesburg and an MBA degree from the University of the Witwatersrand. He has worked in every facet of the business at Shiva Uranium – from hard labour underground to crunching numbers at ORE’s head offices in Sandton – since 2010. His appointment was made in line with Oakbay Resources and Energy’s succession planning policy.
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