COSATU wants DA propped for funds misuse

Tony Ehrenreich of COSATU Western Cape

Tony Ehrenreich of COSATU Western Cape

CAPE TOWN – THE Congress of South African Trade Unions (COSATU) has called on the Public Protector to investigate the Democratic Alliance for money laundering for alleged improper allocation of funds.

COSATU Western Cape Provincial Secretary, Tony Ehrenreich, said the City of Cape Town had given away R10 million meant for up-and-coming businesses to those that were already established in Atlantis.

The incentives, he said, should be used only for new business and existing businesses that have proven to have legitimate challenges.

“However, the manner in which these businesses got access to the funds was just on application and the money is really just used to boost their profits,” said Ehrenreich said.

He said these incentives should only be used to encourage new sectors and new companies to start up in depressed areas.

“COSATU is calling for an investigation into how these incentives were allocated as it is an open door for electoral funding, that the DA has been receiving in large amounts from these companies.

“The Public Service Commission and the Public Protector will be asked to look into this money laundering by the DA,” Ehrenreich said.

Cape Town is an opposition DA strongold.

– CAJ News

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Posted by on Jan 21 2015. Filed under Featured, Finance, Finance & Banking, Investing. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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