Today's Big Stories

Cosatu slams SA banks for Gupta interference

The Congress of South African Trade Unions (Cosatu) has slammed the banks who terminated their relationships with Gupta-owned companies.

KPMG, Absa, Standard Bank and FNB are among the institutions to cut ties with Gupta-owned Oakbay Investments, following accusations of state capture.

The federation says the Gupta family and their businesses should be allowed to prove their guilt or innocence in the court of law.

Cosatu spokesperson Sizwe Pamla says the matter has affected the livelihoods of those employed by the Gupta-owned companies.

He says that the banks have proved to be opportunistic, and should rather be transparent about their conduct.

So if [the banks] are concerned about their reputation, then they must be transparent. Don't just jump on the band wagon and chase the Guptas because it if fashionable to do so.

Sizwe Pamla, Cosatu spokesperson

According to Pamla, Cosatu has called the banks out because they have not behaved in a principled manner.

Listen to the full conversation from The Midday Report:

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