With no more than three months to go until the Gupta family’s self-imposed deadline to sell all its South African assets, the only public company in that basket this week reported a financial performance that was much worse than in the previous year.
While it was bad, the performance of Oakbay Resources and Energy, majority-owned by Atul Gupta, would have been downright disastrous but for a significant revision of historical figures.
According to the last published figures, Atul owns 64% of the coal and gold mining company, a stake worth R9.7-billion at current market prices. At this value, a 1% decline in Oakbay’s share price would cost him about R100-million when he sells it.
On Monday, the company published a trading statement on the JSE’s investor news service Sens before releasing its interim results for the six months to the end of August.
Source: Mail & Guardian
Revisionist accounting to the rescue for Gupta-owned Oakbay