COSATU welcomes the Pretoria High Court’s dismissal of the dubious Thuja Capital attempt to solicit R5 billion from the UIF

The Congress of South African Trade Unions (COSATU) welcomes the Pretoria High Court's dismissal of the dubious Thuja Capital attempt to solicit R5 billion of workers' hard-earned monies from the Unemployment Insurance Fund (UIF).

The Federation like all other sober persons was shocked in 2023 by seemingly very suspicious and underhanded attempts to siphon R5 billion from the UIF to what appeared to be at best a seemingly get rich scheme by Thuja Capital. We welcome the Minister for Employment and Labour, Thulas Nxesi's appointment of a forensic audit into this scurrilous failed deal. It is critical this report be released to the public and that its recommendations on action to be taken against persons found wanting inside and outside the state be effected.

It is not enough for alleged corrupt or illegal activities to be stopped. Those who are accused need to be held accountable under the law. We cannot expect to change an endemic culture of corruption and criminality if we treat those found wanting with kid gloves.

COSATU urges the Minister for Employment and Labour to expedite plans to overhaul the Unemployment Insurance Fund, to ensure that workers can apply for with ease and receive their monies timeously; that workers and employers' contributions are safely invested and used to protect workers when they have lost their jobs or wages, are on maternity or parental or adoption leave; and that these funds are invested in legitimate investments that create jobs and benefit workers and are not used to line the pockets of individuals with lavish lifestyles.

This long overdue modernisation and cleansing of the UIF needs to begin as a matter or urgency. Expert assistance from the South African Revenue Service needs to be roped in to help ensure that the UIF's systems are rebuilt, ready to serve workers, efficient and transparent, and protected from the cancer of corruption. The days of allowing a corrupt elite to feast at the expense of workers needs to come to an end.

Issued by COSATU

For further information please contact:
Matthew Parks
Acting National Spokesperson & Parliamentary Coordinator
Cell: 082 785 0687