The purchase by Fedusa general secretary Dennis George of cut-price shares in the controversial Ayo Technology Solutions has thrown into sharp focus the question of trade unions and their investments. What should unions spend their cash on? asks Terry Bell
It has also reminded many of an innovative investment scheme rejected by Cosatu 27 years ago as “too capitalistic”.
George maintains that he bought the shares to pass them on to Fedusa once the federation had established an investment company.While Fedusa does not have an investment company, there have been several discussions over the years about establishing one. Last week, in the wake of the controversy surrounding George, the PSA executive met. The agenda, put forward by general manager Ivan Fredericks, included the matter of ethical trade union investments.
At that stage, property prices had plunged as a number of panicky property owners had deserted their investments. The proposal was given added impetus following a survey of Cosatu shop stewards that revealed that a significant number of these men and women were living in shacks in the then already mushrooming informal settlements.
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