Transnet faces R85bn lawsuit

Transnet Pension Action Group launched a lawsuit against the parastatal to claim back missing funds.


JOHANNESBURG - Eyewitness News can reveal on Saturday that transport giant Transnet looks set to face an R85 billion class action lawsuit as members of its pension fund are trying to claim back missing funds.

The Transnet Pension Action Group on Friday launched an application in the North Gauteng High Court to represent more than 66,000 pensioners who belong to the company's fund.

They are calling on its members to provide their details to join the class action suit.

Attorney Wynanda Coetzee has told Eyewitness News that some of the thousands of pensioners have been receiving pensions of only R1,00 per month.

"A lot of pensioners have been receiving R1,00 per month as their pension income and one can only imagine how one lives on that amount per month."

Coetzee said the funds owed to these members added up to about R85 billion and it was time that Transnet pay up.

The action group is calling on those affected to come forward and support the massive class action suit.

The Parastatal is yet to voice its reaction to the legal action.