OAKBAY GROUP
Union to ask big banks to help save jobs at Oakbay’s mines
The National Union of Mineworkers (NUM) plans to approach the four largest banks in a bid to save jobs at the Oakbay group’s mining operations after the company and its associates failed to secure a stay of execution in the High Court in Pretoria on Thursday. The union, in a statement after a meeting of its national executive committee on Tuesday, said workers at Shiva Uranium, Optimum Coal, Koornfontein mine and other companies owned by Oakbay were told not to come to work because Oakbay would be unable to pay them at the end of the pay cycle. This came after Judge Hans Fabricius on Thursday declined to interdict the Bank of Baroda from closing the Oakbay group’s accounts ahead of another hearing on the matter in December. "The [Bank of Baroda] is subject to a number of statutory provisions which in the main seek to uphold the integrity of the financial system in the country," said Fabricius. "On the other hand, there is the well-founded suspicion … that the [Oakbay group of compan...
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