No politics in R80bn Transnet pensioner suit | Fin24
 
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No politics in R80bn Transnet pensioner suit

Aug 01 2014 07:35

Johannesburg - The R80bn class action suit of Transnet pensioners was devoid of political affiliation or involvement, the pensioners' attorneys said on Thursday.

"We act on behalf of [the] applicants and the members of the funds and will only take instructions from them," said Wynanda Coetzee, of Geyser and Coetzee Attorneys.

On Thursday, Judge Ephraim Makgoba granted an order in the High Court in Pretoria to pensioners Johan Pretorius and Johan Kruger to launch a class action on behalf of Transnet's 62 000 impoverished pensioners, in an attempt to recover close to R80bn in assets and interest.

The group has accused Transnet of stripping the Transnet Pension Fund and Transnet Second Defined Benefit Fund (TSBF) of its assets and mismanaging them to such an extent that the funds were unable to meet their obligations to members.

They have also accused Transnet of attempting to dissolve the pension fund.

Coetzee said the pensioners would not have to fund the court case.

People or organisations wanting to donate money towards the litigation would need to do so through a trust account. The attorney of record would appoint independent auditors to manage the funds.

"We wish to emphasise that it is not a prerequisite or requirement that any donations be made and the continuation of the litigation is not subject to any donations."

The two pensioners were given 60 days to institute the class action. Transnet and the pension funds were ordered to pay the legal costs of the application.

The pension fund, Transnet, and the ministers of finance and public enterprises have opposed the application. They argue it is bad in law, of no substance, and a waste of time, effort, and money.

transnet  |  class action  |  retirement
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