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EXCLUSIVE: Financial irregularities could see Samwu placed under administration

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This follows several damning discoveries made by the Labour Registrar of large scale financial irregularities, including a questionable loan amounting to R12 million Samwu received from VBS mutual bank.

JOHANNESBURG – South Africa’s biggest municipal trade union the South African Municipal Workers’ Union could be placed under administration soon.

“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 million which was expected to be repaid on 31 November 2017 was not paid. The union has been dogged by scandal over the misappropriation of union funds for several years, with some of its leaders arrested over missing funds which amount to R136 million.

 

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