Today's Labour News

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numsaBL Premium reports that the National Union of Metalworkers of SA (Numsa) will be joining Ayo Technology Solutions in a bid to interdict FNB from cutting off that company’s banking services.

Ayo filed an urgent high court application earlier in April to stop FNB, after the lender gave the company until 3 May to find a new bank. The urgent interdict was scheduled to be heard on Thursday, with Numsa claiming the liquidation of Ayo would cost 1,275 jobs. According to Numsa, the move would collapse a black-owned information and communications technology company, to the benefit of white-owned competitors. “Ayo has not been found guilty of any crime, and this includes money laundering or terrorist financing, therefore there is absolutely no justifiable reason for FNB to take such a drastic stance,” Numsa said. According to Ayo, the bank has not provided it with “valid reasons” for the move.

  • Read the full original of the report in the above regard by Karl Gernetzky at BusinessLive (paywall access only)

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