South African Regulator Probes Trades in Gupta-Linked Oakbay
- FSB to probe stock movements between Nov. 2014 and April 2015
- Guptas are embroiled in Zuma-related corruption allegations
The investigation comes a month after Bloomberg News reported that Oakbay’s share price was inflated by the Guptas, who lent money to a Singapore firm to be used to trade the equities.
Photographer: Dean Hutton/Bloomberg
A South African financial regulator is investigating trades in Oakbay Resources and Energy Ltd., a company linked to the politically connected Gupta family, to determine whether share prices were manipulated over a five-month period.
The Financial Services Board will probe share moves from when Oakbay listed in November 2014 through April 2015, the Pretoria-based institution said in an emailed statement on Tuesday. The stock rose almost 11 percent over that period, on higher average volumes than in the months leading up to its delisting in July this year, according to data compiled by Bloomberg.