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

    Panama Papers Leaks Show Change Doesn't Happen By Itself, Says Edward Snowden

    Panama Papers Leaks Show Change Doesn't Happen By Itself, Says Edward Snowden
    The former U.S. intelligence contractor said Tuesday that the so-called Panama Papers, which were given to journalists by an anonymous source, demonstrate that "change doesn't happen by itself."

    Panama Papers Leaks Show Change Doesn't Happen By Itself, Says Edward Snowden

    Allergan, Pfizer Call Off Proposed $160b Merger

    Allergan, Pfizer Call Off Proposed $160b Merger
    The biggest U.S.-based drugmaker, Pfizer Inc., will stay put thanks to aggressive new Treasury Department rules that succeeded in blocking Pfizer from acquiring rival Allergan and moving to Ireland — on paper — to reduce its tax bill.

    Allergan, Pfizer Call Off Proposed $160b Merger

    Donald Trump Proposes Funding Wall By Cutting Off Remittances

    Donald Trump Proposes Funding Wall By Cutting Off Remittances
    Donald Trump would try to force Mexico to pay for a border wall by targeting billions of dollars in remittances sent by immigrants living in the U.S., according to a memo released by his campaign Tuesday.

    Donald Trump Proposes Funding Wall By Cutting Off Remittances

    Ontario Passes Legislation To Give First Responders WSIB Coverage For PTSD

    Ontario Passes Legislation To Give First Responders WSIB Coverage For PTSD
    Ontario has unanimously passed legislation recognizing post traumatic stress disorder as work-related illness for police, firefighters and paramedics.

    Ontario Passes Legislation To Give First Responders WSIB Coverage For PTSD

    Another Selfie Death: Youth Dies While Clicking Photos At Hyderabad Zoo

    Another Selfie Death: Youth Dies While Clicking Photos At Hyderabad Zoo
    Manjeet Kumar, 16, who was on picnic with his family members, slipped into the water body near butterfly park in the zoo.

    Another Selfie Death: Youth Dies While Clicking Photos At Hyderabad Zoo

    Worker Dies At Disneyland Paris Haunted House

    Worker Dies At Disneyland Paris Haunted House
    PARIS — A worker has died at a haunted house attraction at Disneyland Paris, according to a park official.

    Worker Dies At Disneyland Paris Haunted House