3.8 SACCAWU National Provident Fund’s ownership and overall transformation of the Financial Services Board (FSB)
This Ninth National Congress notes:

1. It is now full four years since the SACCAWU National Provident Fund was mysteriously and unnecessary put under curatorship amid alarming and wild allegations which four years after curatorship have still to be proven.
2. SACCAWU has called for a proper investigation of the fund in order to deal with the FSB’s allegations, but this has not been forthcoming.

Believing:

1. The seizure of the SNPF under curatorship indefinitely is but one component of the overall capitalist strategy, in collaboration with the FSB, to resist if not eliminate union controlled retirement funds.
2. Protracted curatorship defeats the very purpose and objective of addressing problems in the funds. The SNPF curatorship at best is the curatorship of a special type that only serves to enrich a few individuals at the cost of the fund.

Therefore this Ninth National Congress resolves:

1. To demand adequate labour representation in the FSB Board and to ensure that other members are individuals serving in the FSB are representative of the broader South African society.
2. To demand the urgent removal of the SACCAWU National Provident Fund from curatorship and its return to its rightful owners’ control, administration, governance and management.
3. A credible agency undertake intensive and urgent investigation into:

a. The role of FSB and Old Mutual in putting the fund under curatorship as well as processes leading to same and during the curatorship.
b. The claims submitted and processed, such as funeral cover, death and withdrawal benefits during curatorship.
c. Investments made, investments recalled and reasons therefore.
d. Complaints by members and steps taken to attend to same.
e. Detailed reasons for the destruction of SACCAWU National Provident Fund and liquidation of SACCAWU Investment Holding, and an analysis of the value of the investee companies acquired by SIH before curatorship.
f. The processes and criteria applied in nominating the incumbent curator.
g. What happened to the irregularities allegedly committed by the Trustees and/or Principal Officer? Why were there never any arrests or convictions in the light of public vilifications and wild allegations?
h. The role and possible conflicts of interest of the curator, his legal firm and family, and the overall costs to the fund during the curatorship period.

4. The CEC should develop a strategy to deal with attacks on union-initiated retirement funds