Godongwana promises to repay textile pensions

1/30/2012 12:40:00 PM

Former economic development deputy minister Enoch Godongwana has promised to repay some of the money that went missing from textile workers' pension funds, the Sunday Times reported. Godongwana appeared before the commission of inquiry investigating the loss of R93 million in pension fund money on Friday. He and his wife were Thandiwe were directors of Canyon Springs, which is accused of borrowing this money from Trilinear Capital, the fund manager, and not repaying it. Trilinear Capital managed five funds on behalf of textile workers' union Sactwu. "I entered that business in good faith... as a former unionist, whose main interest was the wellbeing of workers. I would never have wanted to cream off their pensions. What is reasonable and fair to pay back, I will pay back," Godongwana was quoted as saying by the paper. Advocate Gavin Woodland, representing the SA Clothing and Textile Workers' Union, told the inquiry that only R74 million of the missing cash had been accounted for.

Sapa