We are united in rejecting Guptas’ bid, says NUM

The National Union of Mineworkers says its leadership is united in its rejection of UBank's takeover by Oakbay Investments.

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Johannesburg - The National Union of Mineworkers (NUM) says its leadership is united in its rejection of UBank’s takeover attempt by Oakbay Investments.

The union was reacting to Thursday’s exclusive report by Independent Media that revealed the company, owned by the controversial Gupta family had approached leaders of NUM which partly owns UBank expressing interest in acquiring a stake in the bank.

The union refuted claims made by sources that the union’s leaders were divided on the matter, with some entertaining the move.

“The National Union of Mineworkers (NUM) strongly refutes allegations published on The Star newspaper front page story titled “Guptas bank-capture bid” that the NUM leadership is divided on the issue of UBank or any other issue.

When approached by Oakbay CEO Nazeem Howa, the NUM General Secretary David Sipunzi alluded to the fact that UBank is not for sale. However, the General Secretary stated to them that they have a right like many bidders before them to approach Teba Trust on the matter,” said NUM in a statement.

The union has also defended its decision to accept a donation from Oakbay for a central committee meeting held earlier this month.

Unionists who spoke to Independent Media on condition of anonymity had questioned the timing of the renewed bid by Oakbay, which they found suspicious as it came after the donation had been paid.

The union said none of its members were wary of the R1m contribution.

Labour Bureau