Close X
Tuesday, November 26, 2024
ADVT 
International

South African President's Son Resigns From Gupta-Run Company

Darpan News Desk IANS, 09 Apr, 2016 11:33 AM
    South African President Jacob Zuma's son Duduzane Zuma has resigned as the non-executive director of Oakbay Resources and Energy owned by the Indian Gupta family, a statement said on Saturday.
     
    Duduzane said he quit Oakbay in order to "de-politicise" his participation in business and to preserve jobs, Xinhua cited the statement as saying.
     
    This came after aspersions were "cast on me and my family", Duduzane said in the statement.
     
    The Gupta family, which reportedly has close ties with President Zuma, his family and the ruling African National Congress (ANC), has been under fire for exerting undue influence on the South African government by offering cabinet posts to ANC officials. 
     
    The family has denied the accusation, saying they had fallen victims to the political struggle in the country.
     
    As the scandal was unfolding, a number of South African financial companies, including First National Bank (FNB), Barclays Africa, KPMG and Sasfin, have closed the accounts of Oakbay Investments, the holding company for the Gupta family's businesses.
     
    In a related development, Atul Gupta and Varun Gupta, senior members of the family, also announced their resignations, respectively as non-executive chairman and chief executive officer at the Oakbay company.
     
    "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," Oakbay Resources said in a statement.
     
    Representatives from Oakbay have contacted Zuma and three cabinet ministers over the closure of its bank account.
     
    The South African government has been silent on the report.

    MORE International ARTICLES

    Islamic State Abducts Over 300 Cement Workers In Syria

    Islamic State Abducts Over 300 Cement Workers In Syria
    The Islamic State militant group has abducted more than 300 workers from a cement factory near Damascus, Syria's state-run news agency SANA reported on Thursday.

    Islamic State Abducts Over 300 Cement Workers In Syria

    Meet Sanjiv Gupta, Man Seen As Potential Buyer Of Tata Steel UK

    Meet Sanjiv Gupta, Man Seen As Potential Buyer Of Tata Steel UK
    He has emerged as the man to watch out for when Tata Steel initiates the formal process to sell its UK assets. Meet Sanjiv Kumar Gupta, founder of the UK-based Liberty House.

    Meet Sanjiv Gupta, Man Seen As Potential Buyer Of Tata Steel UK

    Reluctantly, Obama Embracing His Role As The Anti-Trump

    WASHINGTON — He won't be on November's ballot, but President Barack Obama is slowly embracing his role as the anti-Trump, taking on the Republican front-runner in ways that no other Democrat can.

    Reluctantly, Obama Embracing His Role As The Anti-Trump

    Rare Blue Diamond Sets New Record At Sotheby's Auction

    Rare Blue Diamond Sets New Record At Sotheby's Auction
    A rare blue diamond bucked the recent downturn in the auction market when it was sold for $30.8 million at Sotheby's, setting a new record.

    Rare Blue Diamond Sets New Record At Sotheby's Auction

    9-Year-Old Reporter Defends Homicide Coverage After Backlash

    9-Year-Old Reporter Defends Homicide Coverage After Backlash
    A 9-year-old reporter who wrote about a suspected murder in her small Pennsylvania town is defending herself after some locals lashed out about a young girl covering violent crimes.

    9-Year-Old Reporter Defends Homicide Coverage After Backlash

    Whistler Blackcomb's $345-million Plan Includes Indoor Water Play Area, Townhomes

    Whistler Blackcomb's $345-million Plan Includes Indoor Water Play Area, Townhomes
    WHISTLER, B.C. — The Whistler Blackcomb mountain resort is planning a renaissance over the next few years that would include real estate developments in the later phases and a price tag of about $345 million.

    Whistler Blackcomb's $345-million Plan Includes Indoor Water Play Area, Townhomes