This news aggregator site highlights South African labour news from a wide range of internet and print sources. Each posting has a synopsis of the source article, together with a link or reference to the original. Postings cover the range of labour related matters from industrial relations to generalist human resources.
The Star writes that trustees of cash-strapped UBank are in a race against time to raise funds in a bid to stave off a potential takeover by the Guptas.
Apparently a crucial meeting of the bank’s owners, Teba Trust, will be convened on Tuesday to finalise plans to recapitalise, which is in line with a Reserve Bank directive. The bank’s management said on Thursday it needed R1 billion to fund its growth plan and recapitalization, but in the short term it needed R152m to keep its banking licence. Teba Trust is administered jointly by the Chamber of Mines (COM) and the National Union of Mineworkers (NUM). The Star revealed on Thursday how executives of the Gupta-owned Oakbay Investments have been lobbying leaders of the NUM to back their move to buy UBank. According to the COM, both trustees would have to jointly agree to any sale of a stake in UBank. The COM said on Thursday: “Work has been under way in UBank and, with the support of Teba Trust, to find ways to help recapitalise the bank.”
- Read this report by Mogomotsi Magome and Theto Mahlakoana in full at The Star
- Read too, UBank chief mum on which firms may offer funding, at BDLive
- And also, UBank won't need Guptas, has plan to stay afloat: Chamber of Mines, at Fin24
Get other news reports at the SA Labour News home page