Missing pensions

Jun 20 2011

The parties involved in the alleged misinvestment of hundreds of millions of rands of clothing workers' provident fund money – which is being forensically investigated – could be criminally prosecuted.

There is concern that the retirement monies of thousands of clothing workers who are members of trade union Sactwu could be irretrievably lost.

Over the weekend Sake24 reported that Cape company Canyon Springs Investments 12 – which received some of the money and is allegedly unable to repay more than R100m – has been put into provisional liquidation.

One of the directors of Canyon Springs is the wife of Enoch Godongwana Deputy Minister of Economic Development. 

Court documents state that his family apparently owns an equal stake in the business...........................


http://www.fin24.com/Economy/Missing-pensions-may-lead-to-prosecution-20110620