Where did all those pensions go? The brief was to make sure the members have a bigger kitty.
Information on the investment of Trilinear funds is still thin on the ground. It’s a pretty complex story that basically goes like this: a man by the name of Sam Buthelezi had an asset management company called Trilinear Capital and he persuaded the South African Clothing and Textile Workers’ Union (Sactwu) to invest pension funds in his company’s Trilinear Empowerment Trust – R460 million in total. Trilinear invested (as in lost) R93m of this money in Canyon Springs Investment 12, a company that was 50% owned by Enoch Godongwana and his wife, Thandiwe, and which is now in liquidation and the subject of an insolvency inquiry.