Fedusa, Investec make peace

Kea' Modimoeng

Kea' Modimoeng

The long battle between the Federation of Unions of South Africa and Investec Employee Benefits has come to an end.

The dispute, which started in 2001, was over the management of pension funds by Fedsure, a financial services company which was acquired by Investec the year it collapsed.

At a media briefing yesterday Dennis George, general secretary of Fedusa, said this agreement had already received endorsement from President Kgalema Motlanthe and the minister of finance, who were briefed by the federation at a recent meeting held in Cape Town.

"It was clear from the response at the meeting that the social partners - government organised labour, business and the community - were delighted to have the sad saga of our retirement funds' history come to an end."

During the dispute, Fedusa also lobbied for international support from the International Trade Union Council, which has more than 169million members, who were all mandated to campaign against Investec.

The campaign has been called off since an agreement was reached.

Ciaran Whelan, Investec Employee Benefits chief executive, said: "We are pleased to have reached a cordial agreement in this long-pending matter with the trustees.

"The settlement is a commercial issue, without any admission of liability by Investec."