Today's Labour News

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TegetaBusinessLive reports that Standard Bank has agreed to open bank accounts for business rescue practitioners controlling seven Gupta companies.  

Standard Bank was among SA’s top four banks that closed Gupta-family accounts and accounts for persons linked to the family‚ in 2016, after money-laundering allegations.  The family has had to make do with facilities at the Bank of Baroda, which has been trying desperately to rid itself of the Gupta family’s business.  Business rescue practitioner Louis Klopper confirmed that Standard Bank had agreed to open a new account‚ with strict conditions limiting access only to Klopper and his partner practitioner‚ Kurt Knoop.  Klopper said this had been a crucial stumbling block to getting the Gupta companies‚ particularly the four mines owned by the family‚ back up and running.  On 16 February the directors of Gupta-owned Tegeta filed for business rescue‚ placing Optimum‚ Koornfontein and Brakfontein coal mines in Mpumalanga, as well as Shiva Uranium in the North West, under Klopper’s control.  The mines employ roughly 3‚000 people‚ most of whom went on strike when salaries were not paid on 25 February.  The permanent staff‚ about 1‚500 people‚ were paid last week.

Read too, Standard Bank takes Gupta companies back, at City Press


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