LG distances itself from Gupta family-owned Oakbay

Oakbay Investments acting CEO Ronica Ragavan earlier named LG as a business that had disassociated itself from the Oakbay group

LG Electronics has sought to distance itself from the Gupta-owned Oakbay Group and by extension the politically connected family, saying it had not done any business with them.
The company was named by Oakbay Investments acting CEO Ronica Ragavan in an answering affidavit to Finance Minister Pravin Gordhan’s court application,
as one of the businesses that had disassociated itself from the Oakbay group.

In October, Gordhan applied for a declaratory order confirming that he could not intervene in a dispute between Oakbay Investments and the four banks.
Ragavan claimed a call by Gordhan to "clip the wings" of the Gupta family resulted in 24 businesses disassociating themselves from the group.

 

 

These were in addition to the country’s four largest banks, which refused to do business with the Gupta company.
Ragavan provided a list of the companies as an annexure to her affidavit. LG Electronics was on the list.

"LG Electronics is a proud, Korean company that values its relationship with SA, and is committed to operating with sound business ethics and transparency in all its business transactions," the company said on Friday.
"LG would like to confirm that it has had no business dealings or any association with the Oakbay Group." Oakbay did not responded to questions.

BDlive