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Breaking: Cosatu to march on Absa headquarters

By Staff Writer 20 Apr 2017 1 Min Read Save

Last updated: 20 Apr 2017, 07:17

A woman uses an ATM at a branch of Barclays South African subsidiary Absa bank in Johannesburg, in this picture taken March 6,2016. REUTERS/Siphiwe Sibeko

JOHANNESBURG – Enca reports confirm Cosatu plans to march to Absa’s headquarters in Johannesburg on Thursday.

The trade union federation says the bank has been involved in controversial activities which are detrimental to the country.

It cites the Competition Commission case in which several banks — including Absa — are accused of price-fixing and market allocation in the trade of foreign currency.

Cosatu says these issues are a setback for the country.

It also highlights the over R2-billion bailout Absa received during the apartheid era.

The Public Protector has recommended the bank pay back that money.

In a statement, Cosatu said Absa symbolises what’s wrong with South Africa’s economic structure.

General Cosatu