Solidarity: Sasfin must repay R35m ‘blood money’ to Highveld Steel

Solidarity media statement

Trade union Solidarity today urged Sasfin Bank to pay back the R35 million that Highveld Steel had to pay the bank in the form of a fine last year. When Highveld Steel was placed in business rescue, the bank demanded that a loan of R100 million be repaid immediately, after which the bank fined the company for the early repayment of the loan.

solidarityAccording to Solidarity General Secretary Gideon du Plessis, Sasfin’s action smacks of an unsympathetic attitude towards the more than 2 200 employees who had lost their jobs due to the closure of Highveld Steel.

“Today, Sasfin is boasting in the media that its interim revenue for the period up to December grew by 19% to R568,3 million. While Sasfin CEO Roland Sassoon believes prospects look good for Sasfin, the prospects for Highveld Steel’s workers are grim as the company does not even have the funds to pay their packages,” Du Plessis said.

“We are urging Sasfin to repay the fine of R35 million to Highveld so the money can be used in part to pay severance packages to workers,” Du Plessis said.

Read also: Gideon du Plessis: Highveld Steel – an anti-SA agenda – tale of tragedy, treason

Du Plessis emphasised that the way in which Sasfin treated Highveld Steel and its employees does not rhyme with the description on its website according to which integrity and the upliftment of communities are important values to the bank.

“The fine Sasfin had imposed on Highveld Steel is nothing but ruthless. It was nothing but an underhanded move to force Highveld to its knees because shortly before the move, Sasfin itself had made a ridiculous offer for the takeover of Highveld. This bid was not successful though,” Du Plessis said.

“Sasfin has a reputation of greed. If the fine is repaid to Highveld Steel it would make a huge contribution to improve Sasfin’s bad reputation. Sasfin’s repaying of the fine would moreover bring financial relief to a local economy that has been destroyed, a situation Sasfin has had a direct hand in,” Du Plessis added.

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