Brussels, 18 February 2009 (ITUC OnLine): The ITUC is calling for international support for a campaign launched by the ITUC-affiliated South African trade union centre FEDUSA over alleged mismanagement of employees’ pension fund investments by a subsidiary of Investec Bank . The South African Equity Workers’ Association (SAEWA), a FEDUSA member union, is engaged in a 4bn Rand (USD 390 million) legal case with the bank over huge losses incurred since 1999. The ITUC General Council in December passed a Resolution pledging international support for the FEDUSA campaign.

“Workers trusted that their hard-earned money would be invested according to good governance principles and under very strict prudential rules and practices. As it stands now, they are unlikely to be able to enjoy a decent income in their old age,” said ITUC General Secretary Guy Ryder.

The ITUC understands that Investec is now prepared to discuss a possible out-of-court settlement with the SAEWA; however, the union remains concerned that the issue remains unresolved.

The ITUC represents 170 million workers in 312 affiliated national organisations from 157 countries. http://www.youtube.com/ITUCCSI

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