Labour minister scraps R5 billion UIF stake in Thuja project pending investigation

The South African Commercial Catering and Allied Workers Union (Saccawu) on Tuesday welcomed employment minister Thulas Nxesi’s decision to suspend the R5 billion Thuja Capital Fund project by the Unemployment Insurance Fund (UIF) labour activation programme.

This came after trade union federation Cosatu’s concern about the authenticity of the company, Thuja Investments, alleged to have no history of economic activity.

According to the UIF, the multi-billion-rand investment would have assisted unemployed youth and UIF beneficiaries to establish their own business.

However, Nxesi slammed the breaks on the project pending a full report on the company’s validity.

Cosatu said had been deeply concerned with the cash injection which was almost awarded to the company allegedly owned by a politically influential person.

Saccawu called on parliamentary oversight bodies to keep a close watch on the financial operations of the UIF and the compensation fund.

The union’s spokesperson, Sithembele Tshwete said more needs to be done for the sate to guard against wasteful expenditure.

“We call on the standing committee on public accounts and the portfolio committee of employment and labour to exercise their oversight over the department and its entities without fear or favour”, said Tshwete.

Nxesi responded to the allegation by immediately ruling out the multi-billion-rand funding project.

-EWN

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