Today's Labour News

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fedusa thumb medium80 85Fin24 reports that trade union federation Fedusa has placed its general secretary Dennis George on special leave pending a probe into the purchase of shares in AYO Technology Solutions.  

According to amaBhungane, George might have benefited personally from the AYO deal via a company called Difeme Holdings, which received pre-listing AYO shares at R1.50.  A R4.3bn investment by state-asset manager the Public Investment Corporation (PIC) into AYO in December 2017 has been under scrutiny in a judicial commission of inquiry into the PIC.  The PIC acquired the AYO stock at R43 a share.  At a media briefing on Wednesday, Fedusa president Godfrey Selematsela indicated that an external investigation would be conducted to determine the veracity of the allegations.  George is a non-executive director of the JSE-listed IT services company.  Fedusa said on Wednesday that it never gave any "mandate for the acquisition of shares from any company in the name of the trade union".  The federation dismissed what it called an attempt to link it to Difeme Holdings.  George, meanwhile, tweeted the day after the amaBhungane article was published that the news site would "deal with my lawyers".

  • Read the report in this regard in full at Fin24


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