COSATU condemns Alexander Forbes
By Tina George
15 August 2007
The Congress of South African Trade Unions is angry at Alexander Forbes, the company which has been exposed for making secret profits “not lawfully” at the expense of hundreds of thousands of retirement fund members.
“They were found guilty of misappropriating money by a system called bulking and the financial service board is still considering taking criminal action against them,” says National spokesperson of COSATU Patrick Craven.
COSATU will consider calling on all trustees, in particular those managing trade union funds, to cut all ties with Alexander Forbes.
“We are calling for the FSB to investigate further and for the trustees not to accept the offer which Alexander Forbes is putting to them because we believe they are entitled to a great deal more, added Craven.
15 August 2007
The Congress of South African Trade Unions is angry at Alexander Forbes, the company which has been exposed for making secret profits “not lawfully” at the expense of hundreds of thousands of retirement fund members.
“They were found guilty of misappropriating money by a system called bulking and the financial service board is still considering taking criminal action against them,” says National spokesperson of COSATU Patrick Craven.
COSATU will consider calling on all trustees, in particular those managing trade union funds, to cut all ties with Alexander Forbes.
“We are calling for the FSB to investigate further and for the trustees not to accept the offer which Alexander Forbes is putting to them because we believe they are entitled to a great deal more, added Craven.
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