Cosatu shocked by R100m pensions 'loss'

2011-06-07 11:33

Johannesburg - It is "shocking" that low-paid clothing and textile workers could lose R100m through a loan that was allegedly "lost", Cosatu said on Tuesday.

"If these allegations are proved to be true, it is absolutely shocking. Textile workers are the lowest paid workers in the whole of the manufacturing sector," Cosatu spokesperson Patrick Craven said.

The SA Clothing and Textile Workers' Union (Sactwu) is trying to get back R100m of pension funds from an investment company.

The money was placed with Trilinear Empowerment Trust, which in 2007 agreed to lend R93m to Canyon Springs so that it could buy an unnamed and unlisted company, but the deal never happened. Canyon Springs Investments could not repay the loan as it had allegedly "lost" the workers' money.

It currently faces liquidation, Craven said.

Sactwu has ordered Trilinear Capital to return the assets, and ended all business dealings with it.

"Cosatu fully backs the call by Sactwu general secretary Andre Kriel for every single cent to be returned. We agree that if any guilt is proven, the guilty must go to jail for a long time," said Craven.

The decision to invest in Trilinear was not taken by Sactwu but by the board of trustees.

Craven said Deputy Minister of Public Enterprises Enoch Godongwana was a director of Canyon Springs, but had resigned from his business interests when he moved to national government in 2009.

"He says that the deal between Canyon Springs and Trilinear was done substantially before he got involved with the company, and that he was not guilty of any inappropriate or irregular behaviour," Craven said.

  • PMG - 2011-06-07 11:48

    Cosatu are constantly shocked - they cant be the sharpest union around?

      alexander.lombard - 2011-06-07 15:20

      Yes they are shocked but unlike the electrisity type of shock that might prompt a reaction or start a heart they will just lay there. Waiting to be shocked again and again until the line goes flat.

  • greenwar - 2011-06-07 12:20

    The BEE gravy train rolls on. LOL at Cosatu ... how does it taste to eat your own cooking?

  • Investor - 2011-06-07 13:05

    Put them in JAIL !!!

  • Obama Bin Laden - 2011-06-07 13:09

    Trilinear Empowerment Trust - how can you be `shocked' when you give 100 million rand to a bunch of clowns with a name like that. What, was Diepkloof Asset Management too busy to take your business? Then again, this is the same trade union that's in bed with the African National Cleptocracy.

  • Julius - 2011-06-07 14:41

    Empowerment at its best.

      tryanything - 2011-06-09 09:23

      We have the best money empowerment can buy...

  • croix - 2011-06-14 14:29

    Enoch ...... Enoch ...... Enoch! Once a crook, ALWAYS a crook? Did EC Premier Balindlela not fire your ass on 6th September, 2004 for "Financial Irregularities"? If you went to jail then, the poor workers would probably still have their pensions today.

  • gatvol4corru - 2011-08-21 14:14

    Eish,the comrades are stealing money from each other! Viva ANC! We look after our own pockets!

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