Tegeta wants Oakbay liquidated as Gupta-owned company failed to pay rent

Business rescue practitioners responsible for Tegeta Exploration and Resources wants Oakbay Investments liquidated.

Oakbay, which was the Gupta family's flagship South African company, appears to be struggling to pay Tegeta the back rent it owes.

Tegeta’s business rescue practitioner Louis Klopper says Oakbay has failed to pay rent for its office space in Sandton which it sub-leases from Tegeta, for a number of months.

It's also not paid rent escalation for the past three years.

Despite numerous reminders and letters from our attorneys for them to pay, they have ignored all that, so we have no other option than to apply for their liquidation so that we can try and retrieve this money in the interest of the company.

Louis Klopper, Business rescue practitioner - Tegeta

Tegeta is also a company with expenses to meet and if you don't get that income coming in it just mounts up and it has now mounted to to an amount of R3.8 million.

Louis Klopper, Business rescue practitioner - Tegeta

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