News24

Cosatu benefits from toll roads

2012-04-01 12:11

Johannesburg - Trade union federation Cosatu has benefited from plans to introduce toll roads to Gauteng, City Press reported on Sunday.

The Congress of SA Trade Unions' (Cosatu) investment arm Kopano Ke Matla has shares in construction company Raubex, the weekly reported.

Raubex won a tender to build the R21, which forms part of the Gauteng Freeway Improvement Project. These roads will be tolled to pay for their construction.

Raubex received R800m for the project.

Kopano Ke Matla holds three percent of Raubex, so it would have received R24m as a result, according to the weekly.

Raubex also unsuccessfully bid for both the second phase of the project, and the N1/N2 Winelands toll roads in the Western Cape.

This week, the ANC confronted Cosatu about the trade union's involvement in tolling, City Press reported.

Zwelimzima Vavi told the newspaper he was unaware of Kopano Ke Matla's activities.

"That was only brought to our attention in the meeting with the ANC. We were not aware of that," he was quoted as saying.

"When we checked, we established that they didn't win the contract. We are not beneficiaries and we, accordingly, asked Kopano to withdraw any further attempts to bid for any of the contracts related to the privatisation of the roads."

Cosatu spokesperson Patrick Craven was unable to comment on the matter on Sunday morning.

Comments
  • mikeangell61 - 2012-04-01 12:18

    What is this April Fools day???

      Jason - 2012-04-01 12:57

      The question should be, How the hell does a trade union have business interests like that! They are supposed to be a Workers Union not an investment company!

      Jack - 2012-04-01 13:17

      We’re living April fools every day!! It’s Africa!!!

      Dawood - 2012-04-01 14:02

      once again news24 creating a rumble about nothing

      gillian.sabino1 - 2012-04-03 22:05

      The Highways belong to the People. We Built It with Incone Tax. We Maintained It with Petrol Tax. We maintained It with Vat Tax. It is not our fault that the government took the petrol tax and spent it elsewhere. Go fetch it back. Let those users pay! Down Tolls Down! Out Tolls Out!

  • Greg - 2012-04-01 12:24

    One cant help to think that they are boycotting because they did not get the contract for the other 2 phases. Why did COSATU decide to battle this out of court. There are enough grounds to win this in court

  • bzengetwa - 2012-04-01 12:25

    O my word, goodness!! So who must we trust?? ANC or Cosatu?? hayi yiyo iApril fool joke le

  • Jaba - 2012-04-01 12:34

    NEWS24 your heading is wrong. "When we checked, we established that they didn't win the contract. We are not beneficiaries and we, accordingly, asked Kopano to withdraw any further attempts to bid for any of the contracts related to the privatisation of the roads." Cosatu IS AGAINST E-TOLL! end of story. the ANC may try to fool the people, but the people are not dumb! The ANC is going to make billions from E-Toll (that is why they are the ONLY political party that is not taking a stand against this form of 'stealing from the people') - not Cosatu! If they invested, then Cosatu will take its investment away. Cosatu is all for better roads, however they must be free for all to use.

      Vusi - 2012-04-01 12:42

      We should simply stand strong us citizens and refuse to be robbed any further. Look at the fuel price. NO TOLL ROADS AT ALL.

      Patiwe - 2012-04-01 15:11

      Won some in gauteng.

      Michil - 2012-04-01 21:57

      The ANC is controlling everyone; Vavi is going in to politics this year and will represent the ANC.

  • lavida.locca - 2012-04-01 12:40

    political system is Mzansi is a serious joke....it operates like a robot

  • lavida.locca - 2012-04-01 12:40

    political system is Mzansi is a serious joke....it operates like a robot

      Phumlani - 2012-04-01 12:57

      Its all a fckn joke abt Cosatu I tink its true

      Patiwe - 2012-04-01 15:12

      Phumlani jonga lendlela baye bathula ngayo emva kwentlanganiso.

  • Morne - 2012-04-01 12:49

    Ok lets take every article written today, as a Aprils fools joke!

  • bheki.dingiswayo - 2012-04-01 12:58

    The calculation of R24m is incorrect becuase it does not factor in the cost of the road. Further we have been saying this union must create job opportunities if they do its wrong. 3% shareholding is a drop in the ocean. I do not think they have the influence on the day to day activities so let us not make a useless noise about Cosatu investment

      Patiwe - 2012-04-01 15:15

      Bheki this noise is alright born out of principle of funding roads more than one. Bayasikhuthuza qha ngoku.

  • Eddy - 2012-04-01 13:00

    This is the tip of the ice berg. What other investments do they have like their bum chums the ANC?

  • Abel Sbia - 2012-04-01 13:18

    whats happening in SA ?

      maseratifittipaldi - 2012-04-01 13:27

      bizmess as usual

      Patiwe - 2012-04-01 15:17

      Abel, it's sh.........t!

  • maseratifittipaldi - 2012-04-01 13:18

    Now I am lost. If Raubex received R800m for the project, does this not include all their operating expenses and overheads as well? How does it mean Cosatu "received R24m" by virtue of their 3% stake?

      Vusi - 2012-04-01 14:05

      Maserati????? Where have you been? I was worried about you? Go read your messages on Facebook!!!!!Eish!!!!

      Patiwe - 2012-04-01 15:20

      This is a listed company, this is after tax and expenses. The austrian company made R1.2 billion in profit only. This project had cosyrd the taxpayer 20 billion if I'm not mistaken.

  • fuzile.matoto - 2012-04-01 13:23

    I don't believe this, if you ask me I'd say Vavi for presidency.

      Patiwe - 2012-04-01 15:21

      He is a hypocrite taking the workers fo fools.

  • Chien-Teng - 2012-04-01 13:35

    This article is very badly written and reported in my opinion. I am assuming that: 1). The value charged for the project is R800m 2). You still need to take out all the expenses running this project like salaries, insurance, material and consultancy fees and other administrative fees to do public works so 3). Saying Kopano Ke Matla would receive R24m from its 3% stake in Raubex is totally rubbish And I not defending COSATU here and my opinions on this matters are: 4). Vavi, like any politician, would use the South African weak political language of "We were not aware of that"... so either Vavi is lying through his teeth or his people aren't doing their jobs and keep Vavi briefed on all COSATU matters 5). And of course Vavi was insincere about his "ban the labour brokers and e-toll" protect actions for the reason being that he and COSATU were focused on only banning the labour brokers agenda while using protecting e-tolls to gather supper from the public 6). Of course Patrick Craven was unable to comment on the matter... he got a bad case of indigestion when COSATU got confronted by they ANC when they were caught with the finger in the pie and they still need to consult their lawyers and their political school mentors so they can use the proper political languages and spin something out of this. A bunch of hypocritical fools

      Vusi - 2012-04-01 14:07

      I couldn't have said it better. Thousand thumbs up for you.

      Patiwe - 2012-04-01 15:25

      @Chien that is not rubbish at all, that is their share of the profit. According to me sounds reasonable. The austrian company made R1.2 billion in profits. Do your maths, no common sense.

      Patiwe - 2012-04-01 15:26

      @Vusi I thought better of you read my comment.

      Robsschele - 2012-04-02 14:32

      The contractors get nothing of the e-tolling. They do NOT have a share in it. They tendered to build a road at prices which worked out at R800 mil. for the contract. After construction of the road Cosatu would receive 3% of the profits after all costs have been deducted. I am sure Cosatu will have more shares in other companies on the JSE. You don't put your money in the bank where you might get a mere 3% interest. Remember that Zuma said that the infrastructures are going to be upgraded. Therefore Cosatu is already into the construction business. And one more thing: They have shares in a company. The shareholders do not tender on a job. They just collect their share of the profits.

  • Cassandra Olivier - 2012-04-01 13:40

    The ANC is just trying to make Cosatu look bad

      Patiwe - 2012-04-01 15:29

      That is what they are. Just exposing them. Where is the leak coming from? Mangaung is going to provide us with juicy stories as there will be a lot of charactor assasination. Watch the space.

  • Ian - 2012-04-01 13:48

    and they call themselves communists, can they even spell the word, biggest money loving capitalists on the plant

      Ian - 2012-04-01 13:48

      planet

      Patiwe - 2012-04-01 15:31

      Double standards, you can not be an investor and be able to defend workers rights. I wonder how much workers were paid, the unskilled ones specifically.

  • Buti - 2012-04-01 13:50

    Why don't we laugh and see who's fooling who?

      Patiwe - 2012-04-01 15:31

      Cosatu fooling us.

  • Buti - 2012-04-01 13:50

    Why don't we laugh and see who's fooling who?

  • Mark - 2012-04-01 14:12

    Ah, the truth's out there somewhere now it's just a matter of finding it.

  • Elkita - 2012-04-01 14:45

    Maybe Cosato is bending the knees to baas Zuma.....

      Patiwe - 2012-04-01 15:35

      No they had been caught with their hands in the cookie jar and no where to hide.

  • eradingoana - 2012-04-01 14:55

    I am afraid this is the closure of the fight against e-tolling and labour broking. Maybe the should consider reporting the mess to Corruption Watch.

      Patiwe - 2012-04-01 15:41

      There was neva one anyway. Just a way to hoodwink the South African public.

  • Louise - 2012-04-01 15:20

    Sub-standard and misleading journalism. Check heading! (No wonder there are moves afoot to clamp down on free speech - look at the standard of it on News24.)

      Barefoot - 2012-04-01 16:49

      that is the problem i encounter most often - misleading headlines, and most people here just hurry to comment without reading the story

  • Martin - 2012-04-01 17:06

    Ya is cosatu o cost us nd s african national congres o african national coruption vavi n zuma r criminal

  • Gregory - 2012-04-01 20:03

    Sell outs .

  • Itse - 2012-04-02 08:55

    How can a politician with a huge business stake in this continue being objective and not put his private interest at heart...and make the easy money as ''investors''

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