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Probe into R100m missing pension funds

May 26 2011 10:37 Sapa

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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.
sactwu  |  pension fund
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