COLLAPSE VICTIMS WAITING
Among the victims of PPG’s downfall were the thousands of clothing and textile workers belonging to the Southern African Clothing & Textile Workers’ Union (Sactawu) whose R195m pension fund had been invested in PPG, and had subsequently disappeared.
Tony Canny, partner at Routledge Modise Inc, who represented Sactawu at the PPG commission of inquiry, told Finweek that the inquiry ended on 6 December last year.
Concerned parties had until 24 January to notify the commissioner of the inquiry, former judge of the High Court, Judge Meyer Joffe, about the issues they wanted judgment on.
After such a notification, the said parties are required to hand in written submissions to Judge Joffe for final judgment.
Some issues Finweek has learnt would have to be considered by Judge Joffe in his judgment include the likelihood that PPG was probably insolvent even before Sac- tawu made the investment and as Canny says: “No one notified my client [Sactawu]. That constitutes fraud and it could mean that the directors of the company must be held personally liable for the losses.”
Canny further says that there will be some capital recovery for the creditors, though it is unlikely to be anywhere near the amount that was lost.
He holds a