Fuwo supports major banks' ditching of Oakbay

Last week, Oakbay employees marched to demand the banks reopen the accounts.

A group of around 100 Oakbay employees marched to Absa bank to hand over a memorandum on 26 April 2016. Picture: Gia Nicolaides/EWN.

JOHANNESBURG - The Finance Union of Workers (Fuwo) says it fully supports the decision by South Africa's major banks to close the accounts of the Gupta family's Oakbay Company.

Last week, Oakbay employees marched to demand the banks reopen the account, while government has met with the banks to investigate their reasons for taking the decision.

The relatively new union represents a small number of finance workers at the country's major banks, and split from Congress of South African Trade Unions affiliate South African Society of Bank Officials last year.

Its delegates will take part in South Africa's first workers summit due to take place this weekend.

"The damage that this particular relationship, which is so corrupt, will do not only to the financial sector but also to the country at large, is going to be far more detrimental than the current intervention. We are for this particular decision."

The union's general secretary Mutema Nyalungu says the banks made the right decision.

LISTEN: Oakbay Investment employees march to big banks