No political involvement in class action against Transnet

01 Feb 2016 | Admin Author

The R80 billion class action suit of Transnet pensioners is devoid of political affiliation or involvement, according to the pensioners' attorneys.

Attorney Wynanda Coetzee said on Thursday that they're acting on behalf of the applicants and the members of the funds and will only take instructions from them.

Judge Ephraim Makgoba granted an order in the High Court in Pretoria to pensioners Johan Pretorius and Johan Kruger to launch a class action on behalf of Transnet's R62 000 impoverished pensioners, in an attempt to recover close on 80 billion rands in assets and interest.

The group has accused Transnet of stripping the Transnet Pension Fund and Transnet Second Defined Benefit Fund of its assets and mismanaging them to such an extent that the funds were unable to meet their obligations to members.

They have also accused Transnet of attempting to dissolve the pension fund.

The pension fund, Transnet, and the ministers of finance and public enterprises have opposed the application.