Sekunjalo demands Sactwu repay it R1.7 bilion
Sekunjalo has also lodged a complaint against law firm ENS at the Legal Practice Council.
Sekunjalo Investment Holdings is taking legal action against the Southern African Clothing and Textile Workers’ Union (Sactwu) over a reported R1.7 billion debt. The case centers on Sactwu's failure to fulfill financial commitments related to the World of Work (WoW), a labor-focused newspaper project. Sekunjalo claims that the union promised R250 million to the consortium that acquired Independent Media, but never provided the funding.
The company asserts that they funded the WoW project in good faith and are now seeking repayment of R250 million, plus interest and damages, totaling R628 million. Sekunjalo disputes Sactwu's assertion that it lent money, instead arguing that the funds went directly to the Public Investment Corporation (PIC). The dispute has been influenced by the Trilinear transaction, which was scrutinized for potential fraud.
Sekunjalo has filed a complaint with the Legal Practice Council regarding the restructuring of Sactwu's involvement as a loan rather than equity. The union is seeking comment on the matter.
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