Members of the United National Transport Union (UNTU) is not affected by recent Transnet pension fund allegations, according to which companies with ties to the Gupta-family illegally obtained R500 million from the fund.
The R500 million came out of the second defined benefit fund, which is currently embattled in a class action between 51 000 pensioners with an average age of 79 and Transnet in the Constitutional Court. The matter will be heard next month.
This money was allegedly laundered from the Transnet Second Defined Benefit Fund by its asset manager, Regiments Capital, into another account from where it was paid over to Trillian. According to pension fund court papers, a huge portion of these fees flowed towards Albatime, a company owned by Kuben Moodley, which arranges contracts with state-owned companies for commissions.
Steve Harris, General Secretary of UNTU, says according to the Fund, Regiments acted outside of its mandate agreed upon in a proper procurement process. This resulted in the fund’s decision to terminate Regiments contract on 1 October 2016.
The fund is now in the process of trying to recover the money from Regiments through civil actions. There are currently 51 900 pensioners dependant on this fund with an income of as little as R1 000 per month. “While this matter is pending in the court, another 300 of these pensioners are dying every month,” says Harris.
Although the alleged actions also constitute theft, money laundering and fraud, the Transnet Second Defined Pension Fund has not yet decided to lay criminal charges.
Issued on behalf of UNTU by Sonja Carstens, Media and Liaison Officer. For UNTU Press Statements phone 082 463 6806 or e-mail sonja@untu.co.za.
