Teba Cash transformed into a bank statement by UDM President (20 October 1998)

The United Democratic Movement supports the transformation of Teba Cash into a commercial bank. The UDM is, however, concerned that the control is vested in only one union, the NUM. Other unions whose members have also contributed to Teba must be recognized and have equal representation in the trust that is going to run Teba Bank.

The UDM would urge the Chamber of Mines to tread carefully and not to favour any union above the other. What would happen if NUM were to loose the majority support that it currently holds?

The UDM will be watching the formation of these types of consortiums very carefully. It is currently the feeling that other companies or role players are never successful in bidding for these opportunities. Partnerships like these can not be limited and exclusively benefiting only to those investing arms of organizations affiliated to COSATU or the ANC and their allies.

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