Deputy minister linked to union’s missing R100m

2011-06-09 07:38

Deputy Minister of Economic Development Enoch Godongwana and his wife Thandiwe have been linked to a company that disappeared with R100 million in workers’ pensions, The Star newspaper reported today.

The SA Clothing and Textile Workers’ Union (Sactwu) is trying to get back the 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 Investments 12, so that it could buy an unnamed and unlisted company, but the deal never happened.

Canyon Springs Investments 12 could not repay the loan as it had allegedly “lost” the workers’ money
Canyon Springs is currently facing liquidation proceedings in Cape Town.

The Godongwanas acknowledged to The Star that one or the other of them had been linked to Canyon Springs since at least November 2007.

In a joint statement, they said Enoch was chairperson from November 2007 to May 2009, while the wife had been a non-executive director since May 2009.

The loan payments were made from March 2007 to December 2009, and the loan agreement was signed in February 2009.

Cosatu said on Tuesday it was “shocking” that the low-paid clothing and textile workers could lose millions through the loan that was allegedly “lost”.

“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 spokesperson Patrick Craven said in a statement, at the time.

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.

Inside News24

 
/News

Book flights

Compare, Book, Fly

Traffic Alerts
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.