Sactwu heads to court over stolen funds
The union is trying to recover R400million in retirement funds that went missing.
CAPE TOWN - The South African Clothing and Textile Workers Union (Sactwu) on Thursday said it will appear in court soon to retrieve provident fund money.
At least 25,000 members were affected when more than R400million in retirement funds went missing.
The union was dealt a blow when it discovered the company handling its provident funds advanced close to R90million to investment group Canyon Springs, which was later liquidated.
Sactwu’s Andre Kriel said, “The investigation shows that there are a number of people who are either guilty of criminal conduct or fraud. We’ve just launched a R140 million lawsuit against six of those people.”
Textile workers are the lowest paid in the manufacturing sector.
Meanwhile, the Congress of the South African Trade Unions (Cosatu) supports Sactwu in its bid to recover the lost funds.