Vavi covered up corruption to protect his ally – report

2013-06-21 08:30

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Cosatu general secretary Zwelinzima Vavi allegedly covered up a report on apparent corruption involving its investment company to protect his ally.

The report by the Financial Service Board (FSB) apparently found cases of corruption, fraud, and money laundering involving the Congress of SA Trade Unions’ investment company Kopana ke Matla and Westside Financial Services.

The Mail & Guardian today said two sources with insight into the report had confirmed that Kopana ke Matla conducted financial advisory services without approval in terms of the Financial Advisory and Intermediary Services Act.

The two people had told the newspaper the report recommended that criminal charges be brought against senior staff members of Kopana ke Matla.

One Cosatu leader said the report recommended the matter be reported to the Hawks for criminal investigation but Vavi did nothing about it.

Kopana ke Matla had also been stripped of its licence to manage pension funds for workers.

The M&G said the report named Kopana ke Matla CEO Collin Matjila as contributing to the company’s woes.

According to the newspaper, Vavi and Matjilla were close allies and Vavi covered up the report to keep him safe.

Vavi allegedly knew about the report but chose not to share it with other Cosatu leaders.

Both Vavi and Cosatu president Sidumo Dlamini declined to comment on the matter.

FSB spokesman Tembisa Marele said: “What I can say is that the FSB did conduct an investigation which was presented to Kopano.”

Cosatu spokesman Patrick Craven could not immediately be reached by Sapa for comment today.

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