According to a press report Cosatu’s retail and services affiliate, Saccawu, failed to meet the deadline to pay about R30m it owes to its liquidated investment company, and now faces liquidation itself. Saccawu has more than 170 000 members and was meant to pay the money by a fixed date. The curator of the Saccawu National Provident Fund is reported to have said the liquidators have the option to go to court. The report adds Saccawu does not have access to money in its bank account.
Amy Musgrave’s report Cosatu edgy as Saccawu misses deadline first appeared on 10 March 2015.