Probe into R100m missing pension funds

2011-05-26 10:37

Johannesburg - An investigation has been launched into R100m in missing SA Clothing and Textile Workers' Union (Sactwu) pension funds, it said on Thursday.

"I have appointed a senior attorney at one of the top legal firms in South Africa to deal with the allegations," Sactwu general secretary Andre Kriel said.

"If any guilt is proven, the guilty must go to jail for a long time," he said.

Canyon Springs Investments 12 took the funds as an unsecured loan, apparently lost them and faces liquidation, the Star reported on Thursday.

It wrote that the prospects of recovering the money seemed slim. Sactwu claimed about 85 000 workers could be affected.

  • Edgeamead - 2011-05-26 11:08

    I cannot understand why people continue to invest with unknown companies. Have we not learnt lessons on the back of fly-by-night's going under? Who is Canyon Springs Investments anyway? Who at SACTWU was responsible for giving the mandate to this money money? Maybe they should go too.

  • Nuck Choris - 2011-05-26 12:12

    What??? an unsecured loan of 100 mill. Sounds like a typical cadre move if you ask me.... Oh well at least it seems their own will suffer this time

  • BigD - 2011-05-26 13:21

    Maybe they should put the people from pension fund who gave permission for transfer of R100m in jail as well.

  • Carl Muller - 2011-05-26 13:34

    Hold all the directors responsible. Send them to jail and throw the key away..

  • Freelance Writer - 2011-05-26 13:51

    Visit Moneyweb for a more detailed story of those involved. Looks like ANC cronies strike again.

  • Dougalan - 2011-05-26 14:15

    Definitely sounds like ANC cronies again. The ANC is great at taking other peoples' money, especially that of taxpayers who don't support them in the first place.

  • colinw - 2011-05-26 14:16

    just who are the the Directors involed on both sides, the name list will tell us a lot !

  • michael jones - 2011-05-27 09:46

    will it ever end the rich and connected stealing from the poor. And yet 6 out of 10 people still voted for the ANC.The will continue to steal from us who give them the funds through our pensions and taxes.

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