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BDLive reports that Gupta-owned Oakbay Investments has started using an international bank to conduct its business in SA following the closing of its bank accounts by the country’s four major banks. However, it says the jobs of its 7,500 employees are still at "severe risk".
In April, SA’s major retail banks gave notice of cutting their ties with Oakbay following allegations that the politically connected Gupta family was interfering in the running of the government and influencing Cabinet appointments. Oakbay said this week: "We have since started using an international bank with operations in SA, however these are temporary arrangements and in our current situation is far from suitable for the complexities of our business. As a result, all jobs at Oakbay remain at severe risk and we implore the banks to reconsider their decisions in the interests of saving the livelihoods of our 7,500 staff members and their families." Oakbay would not name the bank it is using.
- Read this report by Genevieve Quintal in full at BDLive
Get other news reports at the SA Labour News home page