NUMSA joins AYO Technologies in Court in its urgent Application against FNB

Business News

Tebogo Msimanga |

The National Union of Metalworkers of South Africa (NUMSA) on Thursday will be joining Ayo Technologies in its urgent application at the South Gauteng High court, to apply for an urgent interdict restraining First National Bank (FNB) from closing its banking facilities.

FNB has given Ayo until the 3rd of May to find a new bank, otherwise, it will close the company’s transactional facilities. Ayo Technology is linked to Sekunjalo Holdings and it is a black investment holding that has business interests in the ICT sector. Last month, ABSA severed all services to all business enterprises linked to Sekunjalo, claiming that the banks’ reputation would be harmed by associating with it.

NUMSA General Secretary Irvin Jim said both banks have taken a position on the factional battles in the governing ANC. “Dr. Iqbal Survé who is the chairman of the Sekunjalo group has angered the faction of capital sympathetic to President Cyril Ramaphosa, because Surve is perceived to be a supporter of the Zuma faction of the ANC.”

Jim added that they have no interest in choosing between Zuma or Ramaphosa. “Both are devils who betrayed the working class at the altar of neo-liberalism and capitalism”.

He further said If FNB is allowed to close Ayo’s bank accounts, without any good reason, this will mean that Ayo is unable to trade and will therefore have to dismiss all 1275 employees.“Over 3825 families will be affected by this cruel and heartless decision and this is why they must be stopped.”

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