Banks shying away from Windalco despite stay of US sanctions on Rusal

 

It appears that despite news of a stay on US sanctions against Windalco's parent company, Russian aluminium producer UC Rusal, financial institutions remain fearful of associating with the company.

 

On Monday, the workers at Windalco were issued a communique from the company's General Manager advising that they would only receive a quarter of their monthly salary on Tuesday.

 

Based on the statement, the workers should have received 50 per cent of their salary and the remainder on May 28.

 

Instead they will receive 25 per cent on Tuesday and the remaining 75 per cent on May 28.

 

In outlining the reasons for the delay, Windalco's Managing Director stated that it was a forced one time payment measure caused by the change of operating accounts due to denial of service by some financial institutions.

 

RJR News spoke with Glendon Johnson, Director of Industrial Relations at Windalco on Tuesday morning, who confirmed that there was a change to the payment schedule for this month.

 

He said a meeting was held on Monday with staff regarding the matter and an agreement had been reached.

 

He declined to comment further.

 

Vincent Morrison, President of the Union of Clerical, Administrative and Supervisory Employees (UCASE), who represents the majority of workers at Windalco, said the union was also contacted by the company's management, who indicated that it was trying to put in place alternative arrangements.