Today's Labour News

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OakbayBusinessLive reports that staff at the Gupta-owned ANN7 and The New Age have been told that their jobs are safe following the announcement that Oakbay Investments is offloading its media interests.  

Management, which included spokesman for the family Gary Naidoo, New Age editor Ricky Naidoo and editor-in-chief of TNA and ANN7, Moegsien Williams, addressed staff at a meeting on Monday.  Apparently, management could not answer some of the questions employees asked, saying they were still in negotiations, but as soon as they had been concluded they would be in a better position to provide information.  According to Oakbay, Lodidox — owned by Gupta-ally Mzwanele Manyi — and management would purchase the media companies.  Four major banks in SA closed the family’s accounts in 2016, with the Bank of China recently following suit.  Recently the Bank of Baroda indicated that it too would close the accounts of the controversial family, at the end of August.  A staff member said they were hopeful that with the announcement of the sale a "new bank" would come on board and salaries would be paid.  Staff salaries were currently being paid through Bank of Baroda, but this would be the final month.

  • Read this report by Genevieve Quintal in full at BusinessLive


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