The bank issued a notice to the company, informing it that its accounts would be closed by August 21, following a judgment by the Competition Appeal Court in its favour.
Unions have thrown their weight behind Independent Media and other Sekunjalo companies following threats by Standard Bank to close the organisation’s accounts, which could potentially have a devastating impact on the livelihoods of more than 1 000 workers and their families.
The bank issued a notice to the company, informing it that its accounts would be closed by August 21, following a judgment by the Competition Appeal Court in its favour.
Before this, the bank was ordered to keep the company’s accounts running prior to a final judgment. The interim judgment, which was granted in September last year, was due to come to an end in March this year but was extended by six months.
At least 1 600 employees could be jobless following Standard Bank’s latest move.
The Information Communication Technology Union (ICTU) said it learned with shock about the news from its members and some media houses this week.
“This intended action by Standard Bank is making the lives of ordinary South Africans worse, after the devastation caused by Covid-19 and our failing economy, and its action is defeating the national objective of curbing job losses.
“It is an open secret that the print media has been facing serious challenges due to evolving technology and many of the workers in this industry got retrenched which affected thousands of their families, and the intended action against Independent Media by Standard Bank will worsen the situation as workers are already facing retrenchments in this company,” the ICTU said.
The union said Standard Bank’s intention was not only designed to destroy Independent Media, “but they are also attacking the media as a whole, and South African citizens, by eliminating diversified views on matters of national interest and media freedom.
“Our position is informed by the contributions Independent Media has made within the media space, which speak to the following: media has become as essential as our daily needs with the emergence of broadband media today and is playing an outstanding role in creating and shaping public opinion.
“In a world where anyone with a smartphone and a social media account believes they are some sort of a journalist, mainstream media becomes very vital in combating the phenomena of fake news and, thereby, strengthening society. All this makes journalists and other media practitioners to be frontline workers who society depends on for information, entertainment, education, and influence,” the union said.
The Public Service and Commercial Union (PSCU) condemned Standard Bank’s insistence on closing the company’s bank accounts, “despite the collateral damage this evil stand will have on hundreds of employees and their dependants”.
Secretary General, Tahir Maepa said: “This ill-considered approach shows how diabolical Standard Bank is towards workers and their families, some of whom happen to be their clients.
“This is the very same bank that has been reported to be in the process of mass job cuts as it plans to close 91 of its branches with over 1 200 left jobless.
“The majority of these workers happen to be black. No wonder they don’t care what happens to Independent Media workers.
“This impunity and these discriminatory practices are aided by our government, disproportionately affecting the black community in particular and further contributing to our economic marginalisation.”
The PSCU called for an end to discriminatory practices and demanded greater protection and support against the impunity of the banking sector.
“The emergence of the #RacistBanksMustFall movement exemplifies the frustration and anger experienced by many workers across the country against the unparalleled powers banks have.
Discriminatory practices and policies during apartheid have leaked into our democratic dispensation, which led to a financial system that marginalises black workers and their families,” Maepa said.
Trade union federation Cosatu added that it was deeply concerned about the impact of the bank’s move on Independent Media employees.
“The Federation has been shocked by the conditions workers at Independent have been subjected to and called for the PIC and other relevant authorities to intervene and ensure these issues are addressed. It is time that action is taken to defend the rights of workers and to stabilise and restore Independent Media to its rightful place in the media fraternity.”
For workers, the news created “anxiety and uncertainty” on how they would feed the families they work so hard to provide for.
Speaking to the Cape Times on condition of anonymity, one worker said: “It has created a lot of anxiety and uncertainty.
At one point you know that you have a job, then you hear you might not have a job in the next few weeks and for me it feels so unfair.
I feel the banks have too much power and that also opens a door for them to discriminate against persons they have issues against and that goes against the Constitution.
“I feel like the government needs to do something about it. It cannot be that someone just has so much power over a certain group of people just because of who they are.”
Another employee said that they were experiencing a roller-coaster of emotions: “I am very angry and very sad. On top of daily challenges, we already struggle getting by every month with rising costs. Now we are staring at the possibility of losing our salaries completely. It’s taking a toll mentally and emotionally.
“It leaves us as employees in a very vulnerable situation while you still report the news out there because we owe it to our communities and readers to keep them informed, it is a tough and difficult situation to navigate.
There’s a saying that goes ‘when elephants fight it’s the grass that suffers’. For the banks to go ahead with something like that, knowing how it could impact thousands, not just the company, doesn't make sense. It’s heartless.”
Standard Bank previously said it was “engaging” with the Sekunjalo Group.
Cape Times