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£60bn claim rocks financial sector

first_img£60bn claim rocks financial sectorOn 21 Oct 2003 in Personnel Today Tens of thousands of workers employed in South Africa during the apartheidera are claiming a total of $100bn (£60bn) in compensation from a range ofpension fund managers, international banks, insurers and companies. The workers claim the pensions of more than 10,000 black employees werewithheld during the days of apartheid. Their case is being taken by US litigator Ed Fagan, known for his role inlanding a $1.25bn settlement from Swiss banks on behalf of victims of theNazis. Fagan has only named one defendant – financial services company AlexanderForbes – but hopes to include others in the lawsuit. In papers served on Alexander Forbes, a legal representative for the formerlabourers, Gugulethu Madlanga, said: “We view this matter as perhaps oneof the greatest corporate, accounting, banking, financial services and pensionand benefit fund frauds in history, involving the wrongful accounting, impropertransfer and withholding and/or outright theft of tens of billions of dollarsin deposited assets in labourer/worker pension and benefit funds.” Historically, the South African government has been opposed to theapartheid-related lawsuits, claiming they undermine reconciliation efforts. Previous Article Next Article Related posts:No related photos. Comments are closed. last_img read more