R5bn UIF investment in Thuja Capital withdrawn

JOHANNESBURG - The South African Commercial, Catering and Allied Workers Union has welcomed a decision by government to scrap a R5-billion investment in a company.

The Unemployment Insurance Fund invested heavily in Thuja Capital.

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However, it reportedly does not have any history of economic activity.

The UIF has defended the cash injection, saying the labour activation programme would have assisted unemployed youth to establish their own businesses.

Saccawu Deputy-General Secretary Mduduzi Mbongwe says accountability is key when dealing with workers' money.