Ronica Ragavan, Acting CEO of Oakbay Investments (http://OakbayInvestments.co.za), responds to today's events in Court:

"We are delighted that the FIC report, Deputy Minister Jonas's affidavit and any reference to either of them have been struck from the Finance Minister's application. As the Court agreed, the report and the Jonas affidavit are irrelevant to the application. They serve no purpose but to further the Minister's own political agenda and to tarnish the Group's image.

"For months we have said the list of 72 transactions has been a tool to smear our name and drive unsubstantiated negative media coverage of our business and our shareholders. When attached to a totally unnecessary application, with no contested legal issue, it becomes clear what the Finance Minister is up to.

"Now we want the information we need to prove our innocence. We call on the Finance Minister, the banks, the FIC and anyone with the power and authority to release the full details of the 72 transactions so that we can identify them. The truth will come out in the end and today is just the start."

Distributed by APO on behalf of Oakbay Investments Ltd.

Contact: corpcomm@oakbay.co.za