Temporary JSE suspension good for us: Oakbay

web_photo_Guptas_Duduzane_Zuma_031116

File. Atul Gupta and Duduzani Zuma speak to the City Press from the New Age Newspaper's offices in Midrand, Johannesburg, 4 March 2011.

JOHANNESBURG - Oakbay Resources says its temporary suspension from the JSE is good for the company.

On Friday the Johannesburg Stock Exchange (JSE) granted the Gupta-owned firm permission to stop trading for a while.

This comes after the company announced on Thursday that the JSE had notified it that it no longer met listing requirements.

Earlier this month, Oakbay lost its second sponsor on the bourse.

The River Group gave the Gupta-owned company notice it was terminating the relationship.

Oakbay also doesn’t have an audit committee chairperson or transfer secretary, which the stock exchange requires for a company to trade.

At the beginning of the month the company's current auditors, Sizwe-Ntsaluba-Gobodo, reported irregularities around its client’s recent financial statements.

Paid Content