AJAY GUPTA AND OAKBAY INVESTMENTS DELIGHTED WITH AFFIDAVIT

FROM PRAVIN GORDHAN

Johannesburg Gupta Family lawyer, Van Der Merwe Associates, releases a
statement on behalf of Mr. Ajay Gupta and Oakbay Investments in response to
the affidavit from Pravin Gordhan.
Highlights include:

The Gupta Family (as majority shareholders) and Oakbay Investments are
delighted to have been cited as respondents to the application from the
Finance Minister. At last, the Gupta Family and Oakbay can begin to formally
clear their names. They thank him for this opportunity

The Finance Ministers application is being considered by lawyers for the

Gupta Family and Oakbay and will be dealt with in full each and every entry

The applications detail is fundamentally flawed as of the 72 transactions

flagged, our initial analysis shows:
-

Six transactions (totalling R4,096 billion) refer to the Optimum mine

before it was under Oakbays control and so were not transacted by
Oakbay or the Family

24 transactions (totalling R325 million) are perfectly legitimate, are in the

normal course of business and are not suspicious in any way

Five transactions (totalling R1,698 billion) relate to Oakbay Resources

and Energy, the listed entity. These are perfectly legitimate and all
information is being supplied to its auditor, SizweNtsalubaGobodo, for
review

Another 20 vaguely refer to multiple transactions that makes any

further analysis impossible without further detail from the Finance
Minister

The remaining 17 transactions (totalling R719 million) were also all for
legitimate purposes and are absolutely not suspicious. We will disclose these
transactions in full, once the full analysis has been completed

All of the 72 transactions were approved and cleared by the respective banks
processing the transactions

The fact that all transactions were approved is acknowledged in the

attachment to Minister Gordhan's application, in the form of a signed letter
from the Deputy Governor of the Reserve Bank

None of the transactions related to Oakbay or the Family, which are over a
five year period, were flagged to the FIC as suspicious. To put this in context,
the FICs own 2015-16 Annual Report showed that 98,054 transactions in that
year alone were flagged as suspicious by the banks (i.e. STRs)

One of the largest transactions flagged in Minister Gordhans application was

the transfer of the Optimum Rehabilitation Trusts Account (over R1.3 billion)
from Standard Bank to the Bank of Baroda. Yesterday, we proved this was
bona fide and approved by all relevant authorities (pdf attached). The transfer
occurred because all of Oakbays accounts were being closed

Whilst we thoroughly welcome this application, it is undiluted nonsense and

appears to be little more than the usual political games

To reiterate, we are delighted to have received this application. The truth always
comes out in the end and we look forward to clearing our name in court.
AJAY GUPTA AND OAKBAY INVESTMENTS DELIGHTED WITH AFFIDAVIT
FROM PRAVIN GORDHAN
Johannesburg Gupta Family lawyer, Van Der Merwe Associates, releases a
statement on behalf of Mr. Ajay Gupta and Oakbay Investments in response to
the affidavit from Pravin Gordhan.
Highlights include:

The Gupta Family (as majority shareholders) and Oakbay Investments are
delighted to have been cited as respondents to the application from the
Finance Minister. At last, the Gupta Family and Oakbay can begin to formally
clear their names. They thank him for this opportunity

The Finance Ministers application is being considered by lawyers for the

Gupta Family and Oakbay and will be dealt with in full each and every entry

The applications detail is fundamentally flawed as of the 72 transactions

flagged, our initial analysis shows:

Six transactions (totalling R4,096 billion) refer to the Optimum mine

before it was under Oakbays control and so were not transacted by
Oakbay or the Family

24 transactions (totalling R325 million) are perfectly legitimate, are in the

normal course of business and are not suspicious in any way

Five transactions (totalling R1,698 billion) relate to Oakbay Resources

and Energy, the listed entity. These are perfectly legitimate and all
information is being supplied to its auditor, SizweNtsalubaGobodo, for
review

Another 20 vaguely refer to multiple transactions that makes any

further analysis impossible without further detail from the Finance
Minister

The remaining 17 transactions (totalling R719 million) were also all for
legitimate purposes and are absolutely not suspicious. We will disclose these
transactions in full, once the full analysis has been completed

All of the 72 transactions were approved and cleared by the respective banks
processing the transactions

The fact that all transactions were approved is acknowledged in the

attachment to Minister Gordhan's application, in the form of a signed letter
from the Deputy Governor of the Reserve Bank

None of the transactions related to Oakbay or the Family, which are over a
five year period, were flagged to the FIC as suspicious. To put this in context,
the FICs own 2015-16 Annual Report showed that 98,054 transactions in that
year alone were flagged as suspicious by the banks (i.e. STRs)

One of the largest transactions flagged in Minister Gordhans application was

the transfer of the Optimum Rehabilitation Trusts Account (over R1.3 billion)
from Standard Bank to the Bank of Baroda. Yesterday, we proved this was
bona fide and approved by all relevant authorities (pdf attached). The transfer
occurred because all of Oakbays accounts were being closed

Whilst we thoroughly welcome this application, it is undiluted nonsense and

appears to be little more than the usual political games

To reiterate, we are delighted to have received this application. The truth always
comes out in the end and we look forward to clearing our name in court.