Pretoria – A secret Financial Services Board report has found Kopano ke Matla, Cosatu’s investment arm, has plundered millions of rands from an employee provident fund.

According to the Sunday Times, this latest development is likely to heap more pressure on suspended federation leader Zwelinzima Vavi, who is also a board member of Corruption Watch.

The report states that Vavi was alerted to the problem in 2010 but chose not to act. Instead, along with Cosatu president, Sidumo Dlamini, he apparently sanctioned a R2m settlement to make the matter go away.

FSB investigators found that Cosatu officials plundered the retirement savings of 400 000 former Bophuthatswana employees. Over three years, more than R123m was paid to Kopano companies – R53m of that to Nasieyah Basadien, the managing director of Kopano Employee Benefits (KEB), a company under Kopano ke Matla.

News24