Oakbay Investments responds to adverse decision of Independent Media (pty) Ltd not to run adverts

By Oakbay Investments

Oakbay (www.OakbayInvestments.co.za) wishes to express its disappointment and disgust at the decision made today by Independent Media (pty) not to run Oakbay adverts in its newspapers, Pretoria News, Daily News and the Argus. The adverts were intended as a direct plea to ABSA, Nedbank, Standard Bank and FNB to save 7,500 Oakbay jobs by restoring banking services to Oakbay.

This was not a branding campaign. Oakbay's intended placing of the adverts in the South African media was to raise awareness of the issue and an attempt to save the jobs of its 7,500 employees‎ and the interests and security of their families who depend on them.

The adverts follow a march earlier this week on the Banks led by employees of Oakbay where a memorandum was handed to ABSA Bank who, disappointingly, are yet to respond to the desperate plea of our employees.

The decision of Independent Media today is further evidence of a sustained attack on the family and its business interests and wefind it totally unacceptable that several thousand direct employees and tens of thousands of their dependents will have to suffer as a result of the campaign against Oakbay.

Further, editorial independence is internationally recognised as a hallmark of good quality journalism and independence of the editorial and advertising arms of newspapers must be maintained in any democracy.

Independent Media by name maybe, but clearly not in its nature, as Independent Media seem to feel they are the exception to the internationally recognised and unwritten ruleof editorial independence.

We repeat our plea to the banks, please do the right thing and save 7,500 Oakbay jobs by restoring banking services to our businesses.

Notes to Editors

For more information, please contact: [email protected]

About Oakbay Investments

Oakbay Investments (www.OakbayInvestments.co.za) has invested more than R10 billion in South Africa. Oakbay Investments is 100% transparent - all numbers have been verified by one of the world's most respected accountancy firms.

Oakbay has a 23-year history of strong business performance and turnaround skills. This strong performance has come almost entirely via successful activity in the private sector, with less than 1% of the Group's revenue coming from government contracts.

Sector diversification has also enabled Oakbay companies to deliver consistent growth and job creation throughout times of both economic boom and bust.

For example, 47,000 jobs have been lost in South Africa's mining sector between 2012 and 2015. In contrast, Oakbay's mining companies have created 3500 of jobs in the sector.