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Cosatu probes fund plundering claims

R123 million was apparently removed from the Bosele Provident Fund over three years.

R123 million was apparently removed from the Kopano ke Matla provident fund over three years. Picture: Sapa.

JOHANNESBURG - The Congress of South African Trade Unions (Cosatu) says it's studying allegations that millions of rand in a provident fund of its investment arm Kopano ke Matla were plundered.

The Sunday Times reported that the Financial Services Board (FSB) found the retirement savings of 400,000 workers held in the Bosele Provident Fund was transferred to Cosatu's Kopano employee benefits.

R123 million was apparently removed from the provident fund over three years.

Cosatu says it's still studying an FSB report that implicates employees at its investment arm, as well as suspended General Secretary Zwelinzima Vavi.

The newspaper says the FSB report shows Vavi apparently arranged for a R2 million settlement to make the deal go away.

Vavi has disputed this on social network Twitter.

Sunday Times report truly malicious - FSB investigation to Kopano Ke Matla reported to our congress in 2012. FSB referred to SAPS - waiting

However, it has now emerged the FSB report has been handed to the authorities.

The Hawks say they're not investigating yet but would step in if asked to do so.

There are also scathing allegations against Cosatu's senior leaders and consultants, which include fabricating the minutes of meetings.

Vavi is currently on suspension after he admitted to having an affair with a junior employee.

He maintains the suspension is unjust as he did not break any Cosatu rules.