Damning discoveries made by the Labour Registrar of large scale financial irregularities, including a questionable loan amounting to R12 million received from VBS mutual bank, could leave SAMWU under administration.
The biggest municipal trade union in South Africa, the South African Municipal Workers’ Union (Samwu) could be placed under administration soon.
This follows several damning discoveries made by the Labour Registrar Advocate Lehlohonolo Molefe of large scale financial irregularities, including a questionable loan amounting to R12 million Samwu received from the now-defunct VBS Mutual Bank.
According to Molefe, the loan has not been repaid, although Samwu general-secretary Simon Mathe has denied this.
“There appears a payment purported as a loan from the now discredited, dysfunctional and what has been referred to as ‘the heist bank’ – VBS bank of R11,8 million. The first repayment of R5 millio
Continue reading…