Jump to content

Guptas to buy a bank

Spreadsheet Ranger

By Spreadsheet Ranger
in Investments

 Share

Recommended Posts

Spreadsheet Ranger Newbie

Spreadsheet Ranger

Posted
Posted

Well this can't be good? I thought they left the country or was that just a voting ploy?

 

According to IOL, the Guptas are approaching the leaders of the National Union of Mine workers (NUM) – which owns 50% of  UBank – in a bid to warm them up to a potential takeover of the bank.

The union is reportedly divided on the idea, with some members unsure of whether such a deal should go through. NUM general secretary David Sipunzi confirmed that they had been contacted by the Guptas.

The move follows a total shutdown of Gupta accounts by every major South African bank in the past six months.

 

Source: http://businesstech.co.za/news/banking/127753/guptas-move-to-buy-south-african-bank-report/

Join the official JSE Discord Channel

Spreadsheet Ranger Newbie

Spreadsheet Ranger

Posted
  • Author
Posted

Luckily it seems to be met with some resistance.

 

The National Union of Mineworkers said it will block the sale of its 50% stake in Ubank to the Gupta family, who are friends of South African President Jacob Zuma.

Oakbay Investments, owned by the Gupta family, has approached the labour union to sell its stake in the bank, the Johannesburg-based Star newspaper reported on Thursday, citing NUM general secretary David Sipunzi.

 

The small retail lender, owned by a trust managed by NUM and the South African Chamber of Mines, is looking for investors to inject capital into the bank and isn’t willing to sell its entire stake, NUM deputy president Joseph Montisetsi told Bloomberg. 

 

“It’s not going to happen,” NUM spokesman Livhuwani Mammburu said by phone. “This is the mining workers’ bank, it’s not going to be sold. The Guptas will not succeed on this one. They tried. Even the CEO of Ubank, with some board members tried to sell the bank, but it’s not going to happen.” 

 

source: http://www.moneyweb.co.za/news-fast-news/union-sale-bank-stake-guptas/#.V2u4ZP5Gkno.twitter

Join the official JSE Discord Channel

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
 Share
Go to topic listing

  • The JSE Investment and Finance Forum

    Platinum Wealth is a leading financial forum with an eye on the future of our country and the citizens of South Africa.  Even though the era of trading exclusively with physical goods is in the distant past, we as a civilization have always looked for new ways to prosper. Simply put, ways to get a better deal.  To have more, for less.  At Platinum Wealth we have created a bigger platform for you to do exactly that - a connected network of your peers giving the tips and tricks that have helped them reach their financial and investment goals.

    From personal finance and creating wealth, to financial news and small business, we cover it all at Platinum Wealth.  Pose your money and investment questions in our money and investment forums, we'll make sure they get answered.  We want to guide a new generation of money conscious readers.  We are here to share tips and practical knowledge that will help you live large without sacrificing your financial independence.

  • Tell a friend

    Love Platinum Wealth: The JSE and ZAR X Financial and Investment Forum? Tell a friend!

  • Topics

×
×
  • Create New...