Nazeem Howa quits Oakbay Resources

Nazeem Howa – a business associate of the influential Gupta family – resigned as non-executive director of Oakbay Resources‚ citing ill health on Monday. Howa is departing the company just days after a bombshell affidavit by Finance Minister Pravin Gordhan about nearly R7 billion worth of financial transactions made by companies aligned to the Gupta family. “Based on medical advice‚ Mr. Howa has resigned for reasons relating to poor health‚” the company said in a statement. “The Nominations Committee intends to convene in due course to consider the vacancy that has arisen as a result of Mr. Howa’s resignation. Mr. Howa was not a member of any board committee at the time of his resignation. "The Board wishes to thank Mr. Howa for his efforts over recent months and wishes him the very best in his recovery‚” said the company. Howa has also stepped down as chief executive officer at Oakbay Investments. Howa said‚ “It has been an honour and a privilege to lead such a talented group of co-workers”.