Today's Labour News

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OakbayBusinessLive reports that the National Union of Mineworkers (NUM) plans to approach the four largest banks in a bid to save jobs at the Oakbay group’s mining operations after the company and its associates failed to secure a stay of execution in the High Court in Pretoria on Thursday.  

Judge Hans Fabricius on Thursday declined to interdict the Bank of Baroda from closing the Oakbay group’s accounts ahead of another hearing on the matter in December.  In a statement after a meeting of its national executive committee on Tuesday, the NUM said workers at Shiva Uranium, Optimum Coal, Koornfontein mine and other companies owned by Oakbay were told not to come to work because Oakbay would be unable to pay them at the end of the pay cycle.  "We have written to the CEOs of the four big banks – First National Bank, Absa, Standard Bank and Nedbank – requesting a meeting with them," said NUM general secretary David Sipunzi.  The union is concerned that there could be "thousands of job losses".

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