Today's Labour News

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newsThe Star reports that a high court decision that paves the way for India’s Bank of Baroda to close its operations in SA has left the employees of Gupta-linked companies panicking about how they are going to be paid this month.  

On Monday, the Pretoria High Court ruled that the bank could not be compelled to continue operating in the country.  The embattled Gupta family had approached the court on an urgent basis in a bid to block the bank from closing shop in the country and formally cutting ties with them, just as SA’s big four banks also did, leaving the family with no banking services for their businesses.  About 20 Gupta-linked companies are serviced by the bank, owned by the Indian government.  They include Infinity Media Networks, which had owned ANN7 and The New Age newspaper, Sahara Computers, Optimum Coal Mine and Tegeta Exploration & Resources, among other companies.  Mzwanele Manyi, owner of ANN7 and The New Age newspaper, said his employees were not affected as the media outlets, which had been founded by the Guptas, have been sold to Lodidox, Manyi’s company.  Manyi said the bank accounts of ANN7 and The New Age were not with the Bank of Baroda and added:  “I had a meeting to tell the staff that this will be the clearest sign that we’re not a Gupta company.”

  • Read this report by Siviwe Feketha, Bongani Nkosi and Mary Jane Mphahlele in full at The Star

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