Transnet lawsuit enters next phase
The Transnet Pension Action Group is trying to recover missing money.
JOHANNESBURG - Thousands of impoverished Transnet pensioners have entered the next phase of trying to recover what's due to them.
This follows a high court order granting them the right to initiate a class action against the parastatal.
The Transnet Pension Action Group approached the North Gauteng High Court in Pretoria last year representing more than 60,000 people who want to claim back their missing pension money.
Thursday's ruling signals the start of what is possibly the largest court action in South Africa's legal history.
Attorney Wynanda Coetzee says this ruling means the process to recover the funds can now be set in motion.
She is hoping to have the matter settled within a year.
Coetzee says thousands of pensioners' lives have been destroyed through Transnet's plundering pension money.
She says their next step is to obtain details from fund administrators.
"Part of the surplus fund that was declared went directly to Transnet. If that money came back to the fund, they would be in a much better position to give the pensioners inflation-related pensions."
Coetzee says she hopes this matter can be settled through negotiations instead of legal action.
She says time is important for elderly clients.