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Sanlam, PSG Capital snub Gupta business - report

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Cape Town - Some JSE sponsors, including Sanlam Capital Markets and PSG Capital, are not looking to do business with the Gupta-owned firm Oakbay Resources & Energy, according to a City Press report.

Oakbay will lose its JSE sponsor. This comes after the company lost its auditor KPMG and bankers Absa, FNB and Standard Bank, and after its CEO and chairperson resigned.

The termination by Sasfin Capital would take effect from June 1 2016 after notification was received on March 15. Oakbay will need to find a new sponsor within 30 business days from the date the relationship with the old sponsor ends.

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