Johannesburg - The National Union of Mineworkers (NUM) yesterday blamed the chief executive of UBank for sabotaging the institution’s future and called for the establishment of a workers’ bank.
In a strongly worded statement after the union’s national executive committee (NEC) held last week, general secretary David Sipunzi condemned the behaviour of the bank’s chief executive, Luthando Vutula, and the board for doing nothing to save it.
Sipunzi said all they had done was to downgrade the bank and sell it to the lowest bidder.
“If they have run short of ideas on how to grow the bank, the NEC is requesting them to do the honourable thing and move aside to allow those who have the bank’s interest at heart to take over,” Sipunzi added.
Union attack
Mpho Ramosili, the spokeswoman for UBank, yesterday said the bank had no comment on the union’s attack of its positioning.
The NUM, which owned 50 percent of the bank with the rest held by the Chamber of Mines, said the meeting reaffirmed its view that the bank was not for sale.
The union also said the bank was currently not in breach of the Reserve Bank requirement in terms of capital adequacy ratio.
“We also call on Cosatu to seize this as the golden opportunity to utilise UBank as the vehicle to implement its resolution on the establishment of a workers’ bank,” Sipunzi said.
It was reported previously that the black-owned commercial bank, which predominantly services mine workers and customers in the rural areas, had been wooed by the controversial Gupta family.
The Gupta-controlled Oakbay Investments had attempted to buy the bank after all of South Africa’s major banks stopped doing business with its companies, according to Independent Media.
The SA Reserve Bank has demanded that shareholders come up with a R152 million recapitalisation plan by next year as the bank was in financial difficulties.
On labour relations, Sipunzi said the rift between the union and mining companies was forever growing.
An enemy
He charged that it was common cause that many of these companies regard the union as an enemy rather than an important stakeholder.
Earlier this month, the NUM declared a wage dispute with Anglo Platinum after the wage negotiations deadlocked. The union demanded a wage increase of 14.5 percent while Anglo Platinum was offering 6.75 percent.
“They have waged an all-out war against the NUM,” Sipunzi said. “Those NUM leaders who have been seconded to the NUM on the full-time basis are being recalled just for them to be retrenched. This is a compelling reason for the NUM to review its strategies on engagement with the mining companies.”
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