Transnet's appeal against the class action judgment could cost it dearly

Transnet's decision to appeal the decision of the Gauteng North High Court could cost it dearly and the FF Plus will now be taking steps that could negatively affect this institutions credit rating.

Adv. Anton Alberts, the FF Plus' parliamentary spokesperson on Transport said today during a Member Statement in Parliament that the FF Plus will be providing all of Transnet's creditors, capital expansion service providers and the large credit rating agencies with a copy of the judgment for their consideration.

He said this is necessary to ensure that Transnet fulfils its obligations toward the pension funds and pensioners as required in terms of section 51(1) of the Public Finance Management Act, 1 of 1999.

"Transnet has to realise that it could face credit downgrading due to the stripping of the assets of the pension funds and the theft of the money of innocent pensioners. Transnet will be paying a price for this. The FF Plus will see to it.

"The FF Plus did not only take note of Transnet and the Trustees of the two pension funds' decisions to appeal the class action court decision, but also of the alleged comments made by the chief executive officer of Transnet, Brian Molefe, who apparently told a journalist that the pensioners were ‘the beneficiaries of apartheid who are not entitled to claim compensation'.

"He furthermore also apparently said: ‘(if) they want to continue the revolution in the streets, they should just say so ...' which is a threat against innocent old people.

"Given this stubbornness of Transnet and its wish to start a revolution against innocent pensioners, of whom nearly half are black, brown and Indian people, the FF Plus has no other choice but to take such a drastic step," Adv. Alberts said.

Statement issued by Adv. Anton Alberts, FF Plus parliamentary spokesperson: Transport, August 26 2014

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