Today's Labour News

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ann7News24 reports that Oakbay Investments has written to government to plead for an intervention following the closure of the company’s bank accounts and the withdrawal of shareholders, the Guptas and President Jacob Zuma's son Duduzane, from the company.  

In an interview with CNN, chief executive of Oakbay Investments, Nazeem Howa said he had on Friday morning written to several ministries and that the appeal “was really on behalf of our staff because they have put heart and soul into our business and it is really not fair that an attack on us and our shareholder should affect [them]."  Howa said the company could have the difficulty of paying around 4,500 of its staff after the company's auditor KPMG, their banks FNB and Absa and their sponsor Sasfin Capital all cut ties with the Guptas in March.  His concern was in respect of the staff and their families, which could number up to 60,000 or 70,000 people.

  • Read this report in full at News24
  • See too, ANN7 staff told they might not be paid, at News24

Get other news reports at the SA Labour News home page