Oakbay boss quits

Oakbay Resources and Energy Limited on Wednesday informed its shareholders that Jacques Roux has resigned as the Chief Executive Officer of the company.

The resignation is effective from 31 March 2017.

Without explaining the short notice nor the reason for his departure‚ the Gupta linked company said: "The Board wishes to thank Mr. Roux for his valuable contribution to the Company and wishes him well in his future endeavours".

Oakbay announced George van der Merwe would serve as the acting CEO.

He previously held this position until August 2015 "and has returned to the company as its Chief Executive Officer once more. Mr. van der Merwe brings a wealth of experience to the Company and the Board looks forward to his valuable contribution‚" the statement to shareholders read.

In addition‚ shareholders were told that Melanie Chong‚ the interim Financial Director of the Company‚ has now been appointed in this position in a permanent capacity.