TU­MUL­TUOUS TIMES TO COME

Finweek English Edition - - SIMON SAYS -

Numsa’s ex­pul­sion from Cosatu will no doubt drag out in the courts and could take years, but the big­ger pic­ture is that South Africa’s largest union fed­er­a­tion is break­ing apart and this has se­ri­ous con­se­quences. We wil l now have com­pet­ing unions i n t he var­i­ous sec­tors and this will re­sult in more mil­i­tant de­mands, with more strike ac­tion almost cer­tainly the out­come. We have al­ready seen this at work in the plat­inum belt with the strug­gle be­tween Amcu and NUM. At the end stake in African Bank. A 20% stake in Sentula is worth about R28m, and con­sid­er­ing Al­lan Gray has hun­dreds of bil­lions in as­sets un­der man­age­ment, t his i s small enough to be to­tal l y in­signif­i­cant and we make as­sump­tions. of the day, worker rights are crit­i­cally im­por­tant but we can ex­pect a very messy cou­ple of years while things sort them­selves out.

We cer­tainly should not rush out and buy Sentula just be­cause Al­lan Gray found some money un­der the couch cush­ions and in­vested it into Sentula.

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