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Shopsteward Volume 27: Special Bulletin

COSATU Media Monitor COSATU Media Monitor COSATU Media Monitor


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Media Centre  |  COSATU Press Statements

Workers should take their money away from the unlicensed Letsema Investments

The Congress of South African Trade Unions is perturbed by the revelations that Letsema Investment , a company that has been acting as a financial services provider to our affiliate's the Chemical Energy Paper Printing Wood and Allied Workers Union's [CEPPWAWU] investment arm does not have a licence to manage the workers money ;as required according to sections 7 and 8 of the Financial Advisory and Intermediary Services Act No 37 of 2002[as amended].

This phony company and their unctuous management has been violating the regulations of the Financial Services Board. They are nothing but an illegal stokvel that is operating as a backroom "mashonisa".

The leadership of the federation recently marched against the leaders of this company for attempting to enrich themselves with over a billion rand, of workers money. They did this by exploiting the Investment Companies of workers fund. We call on CEPPWAWU to take an urgent legal action to ensure that the worker's money is removed from the hands of that unlicensed company and that they recover every cent that they took illegally. All workers and anybody, who is associated with Letsema Investments should ensure that they immediately remove them as a financial service provider of any sort.

They have been attempting to lay their grubby hands on the workers fund and have employed all the dirty tricks to divide and stabilise the organisation. The management of Letsema has acted as if they are above the law because all companies that deliver the kinds of services they deliver ,are obliged to have a licence or all the agreements that they sign are nullified.

This company thinks that it is exempt from the laws of this country. We demand that they pay all the money that was paid to them for the services rendered because of their illegal status.

CEPPWAWU has been frustrated because the dividends and earnings from their Investment Company have not benefited workers and their families. We condemn the Letsema management for their attempts to loot and plunder the worker's money, while operating illegally. Their level of greed and unethical behaviour exposes as a farce their public posturing and deception of presenting themselves as model citizens.

Issued by COSATU

Sizwe Pamla (National Spokesperson)

Tel: +27 11 339-4911 Direct 010 219-1339
Mobile: 060 975 6794
E-Mail: sizwe@cosatu.org.za