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 we find 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 rule of 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.