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Spreadsheet Ranger

Guptas to buy a bank

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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/

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Geez these okes will buy just about anything if it means they can continue doing their thing.

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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

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Geez these okes will buy just about anything if it means they can continue doing their thing.

typical indian... cant get it, go buy it :D

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