CEO of Oakbay Investments Nazeem Howa gives his remarks during the Gupta family linked company's release of its maiden annual results held at the JSE in Sandton, 08 September 2016. Picture: Refilwe Modise
Oakbay Investments regards itself as a paragon of good corporate governance practices. And this is not a spin to counter #GuptaEmails explosive revelations – it was contained in the company “glossy” 2015 presentation.
According to amaBhungane, the presentation, titled Combined Group Overview, boldly declares the company’s main goal is to be a “R100bn organisation in next 10 years”.
The presentation reveals a number of juicy titbits, including that it is a “family investment vehicle” with a nationwide presence worth a total revenue of R5 billion. Their goal for 2025 is to net R50 billion.
Even more delicious is that Oakbay is an acronym: O-utperform/optimistic , A-spire , K-nowledge , B-rilliant/Betterment , A-ttitude and Y-outhful approach.
AmaBhungane is reporting that, the wordplay aside, the presentation is punctuated by figures showing how healthy the investment company’s balance sheet is.
READ MORE: #GuptaEmails damaging the ANC, says Mantashe
“The total revenue is R2.5bn with approximately 6 000 staff working on various projects at any given time. It generates profits of approximately R600m per annum,” the presentation said.
The presentation informs recipients Sahara Computers has a total revenue of R1.8 billion and net assets worth R300 million.
And surprise, surprise: very little information is available for ANN7 and the New Age newspaper.
The presentation only ventures to state that TNA was expected to be profitable after three years in operation, and ANN7 had “reached breakeven in five months”.
“This division boasts of revenue of about R300m employing more than 600 people across the country.”
Oakbay’s property portfolio, according to the presentation, had a total worth estimated at R1 billion and more than R100 million generated in revenue.
Clifftop Lodge in Cape Town, situated on 300 000 hectares of a conservation reserve, is proudly listed as the flagship property cash cow of the group.
The group’s mining interest, as the breathtaking presentation continue, are mainly through Shiva Uranium. It appears to be a key stake in the Gupta’s empire, and its market capitalisation is reported as R25 billion.
The presentation inadvertently let the cat out of the bag with the scant details on “future growth”.
The #GuptaEmails, amaBhungane reports, show that the nuclear build programme was the grand plan.
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