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Textile workers lose R100m in deal - Cosatu

By Sapa | Jun 07, 2011 | COMMENTS [ 16 ]

Loan was allegedly lost

It is “shocking” that low-paid clothing and textile workers could lose R100 million through a loan that was allegedly “lost”, the Congress of SA Trade Unions said on Tuesday.

“If these allegations are proved to be true, it is absolutely shocking.

“Textile workers are the lowest paid workers in the whole of the manufacturing sector,” Cosatu spokesman Patrick Craven said in a statement.

The SA Clothing and Textile Workers’ Union (Sactwu) is trying to  get back R100 million of pension funds from an investment company.

The money was placed with Trilinear Empowerment Trust, which in 2007 agreed to lend R93 million to Canyon Springs, so that it could  buy an unnamed and unlisted company, but the deal never happened.

Canyon Springs Investments could not repay the loan as it had allegedly “lost” the workers’ money.

It currently faced liquidation, Craven said.

Sactwu had ordered Trilinear Capital to return the assets, and ended all business dealings with it.

“Cosatu fully backs the call by Sactwu general secretary Andre Kriel for every single cent to be returned.    

“We agree that if any guilt is proven, the guilty must go to jail for a long time,” said Craven.

The decisions to invest in Trilinear was not taken by Sactwu but  by the board of trustees.

Craven said Deputy Minister of Public Enterprises Enoch Godongwana was a director of Canyon Springs but said he had resigned from his business interests when he moved to national government in 2009.

“He says that the deal between Canyon Springs and Trilinear was done substantially before he got involved with the company and that  he was not guilty of any inappropriate or irregular behaviour,” Craven said.

COMMENTS [ 16 ]

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making the poor poorer. ai man! ke sono.

Jun 07, 2011 11:48 | 0 replies

Batswa go eja le ditekase

Jun 07, 2011 4:32 | 0 replies

U see he was promoted from EC to MEC in Economic Development Deputy Ministery !!

Jun 07, 2011 2:53 | 0 replies

Uyabona Mr editor Godongwana uqhele imali ezinkulu !!

Jun 07, 2011 2:51 | 0 replies

@Sowetan,speaking of R100 million.Who won that R102million of powerball?
Maybe the pesron could help.

Jun 07, 2011 2:49 | 0 replies

What vulgar when using igma ukuthenga in "English" kuba uGodongwana noStofile noSizani kuthiwa batya imali kagovernment eEasternCape ukuthenga ifarms for izihlobo about R300 million !!

Jun 07, 2011 2:46 | 0 replies

As many other stories, we will only hear the beginning of this one, not the end.

Jun 07, 2011 2:42 | 0 replies

We are yet to witness the effectiveness of the Hawks.

Since their founding, anyone knows if they have arrested anyone and who got how many years in prison?
KZN thiefs, Shabalala is still outside after stealing hundreds of millions from Joe the public. He is pretending to be Sangoma now.

Jun 07, 2011 2:40 | 0 replies

You are lying !!

Jun 07, 2011 2:38 | 0 replies

I have a dream!!!!

Jun 07, 2011 2:35 | 0 replies

Was the loan not secured ? Surely you cannot loan somebody such kind of money without first making sure that it is secured. What happened to Arthur Brown, that Cape Town pension fund administrator who stole monies from the pensioners' deceased estates?

Jun 07, 2011 2:21 | 0 replies