Oakbay Investments (http://OakbayInvestments.co.za) today responded to the affidavit filed by South Africa’s Finance Minister, Pravin Gordhan.

A spokesperson for Oakbay Investments said:

“Today's affidavit is a case of reverse victim syndrome. The applicant proactively came after us and smeared our name with a flawed list of transactions - that he used his unique executive power to obtain - and then questions the manner of our response to him. All of this changes nothing. Our bank accounts remain closed and no evidence exists to prove why that is the case. We look forward to clearing our name in Court.”

On January 20, 2017, Oakbay Investments submitted an affidavit in response to Minster Gordhan’s application where he sought a declaration from the court to confirm he has no legal responsibility to intervene in the matter of the closure of Oakbay’s bank accounts by South Africa’s four biggest banks: Absa, Nedbank, Standard Bank and FNB.

In Oakbay’s responding affidavit it said that the Minister’s superfluous application is riddled with factual and legal errors. Furthermore, the company said that the Minister’s reliance on the list of 72 purported “suspicious transaction reports” is misplaced and the Minister’s application is supported by a flawed analysis and a faulty factual record.

Oakbay has never suggested that the Minister is required to intervene in the bank-customer relationship. There is no contested legal issue here and there is never any reason for the Minister to bring this application.

This application is an abuse of court and an effort to involve the independent judiciary to settle political scores. The Court should therefore decline to grant the relief sought by the Minister and dismiss the Minister’s application with costs.

Distributed by APO on behalf of Oakbay Investments Ltd.

Notes to Editors

For more information, please contact corpcomm@oakbay.co.za

To read more about Oakbay Investments’ affidavit, please visit: http://oakbayinvestments.co.za/court-cases.html