File: Indian businessmen, Ajay Gupta and younger brother Atul Gupta and Oakbay MD Jagdish Parekh at a Business Day interview in Johannesburg on 2 March 2011, regarding their professional relationships.
JOHANNESBURG - Gupta-owned Oakbay Resources and Energy will stop trading on the Johannesburg Stock Exchange on July 18.
The voluntary delisting comes after Oakbay’s key service providers, which are required by the JSE, cut ties with the company.
Terbium Financial Services will terminate its role as Oakbay’s JSE transfer secretary on the 31st of July, while River Group terminated its role as its JSE sponsor in June.
South Africa’s top five banks and its previous auditors, KPMG, cut ties with the firm last year.
The companies all cited reputational risk.
The Industrial Development Corporation, which previously converted its R256-million loan to Oakbay into a 3.6 percent equity stake in the firm, could now make a significant loss on its investment.