JOHANNESBURG – The Industrial Development Corporation (IDC) is suing the Gupta-owned company, Oakbay.
It comes after the cash-strapped resources and energy company failed to meet a demand to pay R293-million to the IDC by the end of Thursday.
The claim arises from the alleged unlawful manipulation of the Oakbay share price ahead of the company’s listing on the JSE in November 2014.
The IDC held shares in Oakbay through a loan agreement but cancelled the deal over allegations of share price manipulation.
Earlier this year, reports emerged that a Singapore-based company allegedly associated with the Guptas, bought shares in Oakbay using money lent to them by the Guptas.