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Dennis George dismissed from Fedusa following corruption probe

George was suspended from Fedusa in February as the PIC’s R4.3 billion investment in Ayo Technology came under scrutiny at the PIC Inquiry.

FILE: Former Fedusa general secretary Dennis George. Picture: @Dennis_G1/Twitter

JOHANNESBURG – Eyewitness News has reliably learnt that Federation of Unions of South Africa (Fedusa) general secretary Dennis George has been dismissed following an investigation into allegations of corruption against him.

George is alleged to have acquired shares through his company, Difeme Holdings, which received pre-listing Ayo Technology Solutions shares at R1.50 in comparison to R43 a share that was paid by the Public Investment Corporation (PIC).

The ongoing PIC commission of inquiry has heard how the valuation of tech company Ayo, which manages over R2.2 trillion of state employees' pensions, was deliberately inflated before the company’s listing on the Johannesburg Stock Exchange.

George was suspended from Fedusa and place on special leave in February as the PIC’s R4.3 billion investment in Ayo came under scrutiny at the PIC inquiry.

The general secretary, who is a non-executive director of Ayo, was investigated for a possible conflict of interest in his position as Fedusa general secretary.

Thousands of Fedusa members are employed in the public service, with their pensions and savings controlled by the Government Employees Pension Fund which mandates the PIC to invest on its behalf.

In February, a preliminary report into George’s conduct showed that the federation had issues with his failure to declare his directorship at Ayo and that he had acquired shares in the company.

Although multiple sources have confirmed George’s dismissal to Eyewitness News, Fedusa said it could not comment on the matter yet, while George said he was not aware of his dismissal.

Under George, the union has been very vocal in its criticism of state capture and corruption.