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COSATU: COSATU is extremely worried about the safety of workers monies at the Impala Platinum Provident Fund

Photo by Duane

10th March 2016


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The Congress of South African Trade Unions is shocked and disturbed by the arrest of the seven trustees, belonging to AMCU, who sit in the board of trustees of the Impala Platinum Workers Provident Fund on corruption charges. The reports show that the seven trustees were arrested this week for allegedly soliciting more than R2million in bribes from an insurance company that administers the retirement funds.

What should be made clear is that workers retirement funds are not a welfare fund for corrupt union leaders and decadent fund managers and insurers.COSATU is extremely worried about the safety of workers money at Impala Platinum , calls on all responsible parties to ensure that the workers money is protected. The investigators should get to the bottom of this scandal.

It is telling that AMCU colluded with the management of the Impala Platinum to remove NUM representatives from the provident fund. Now we know that they were in hurry to remove them so that they could dip their hands in the cookie jar. It is ludicrous to realize that this is the same union that was promoted as a breath of fresh air by those who were desperate to attack NUM  and COSATU.  The Impala Platinum management and the provident fund managers should also shoulder the responsibility for their carelessness and collusion with AMCU to isolate the NUM

While the Workers federation, COSATU, is busy fighting against the unpopular Provident Fund reform legislation, it is deeply troubling to hear that a trade union, that is supposed to defend the workers and their deferred wages, is involved in such nefarious activities. Corruption is a serious problem for the country and the scourge of business unionism is something that needs to fought against and eradicated.

Mineworkers are one of the most vulnerable workers and they struggle to earn a living wage during their working life. Their retirement funds are the last option they have to keep the wolf away from the door. Workers use these savings to educate their kids or build or buy houses for their families.

COSATU calls on law enforcement agencies to get to the bottom of this saga and ensure that all the responsible parties are held accountable. COSATU remain opposed to corruption and is commuted to ensuring that workers retirement funds remain with the workers and are not looted by those with insatiable greed



Issued by COSATU

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