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Local News|
Monday, August 18, 2008 - Web posted at 8:51:37 AM GMT Former TCL workers want High Court action on pensions DENVER ISAACSFORMER workers of the TCL, who have tried for 10 years to recover about N$116,9 million in lost pension money, are now pointing the finger at the High Court. |
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A group of former mineworkers marched to the High Court on Friday with a petition, demanding that the court express itself on its role in the "disappearance" of their money after TCL went bankrupt in 1998. "We demand from the High Court to inform ourselves on what basis had it allowed our pension to be taken illegally by persons who are not its members," the petition read. The original TCL Pension Fund was created to provide retirement pensions, death and disability benefits for the mine's workers, and the company did not have access to this money. In 1996 however, TCL apparently applied to the Registrar of Pension Funds to change the rules to the fund to allow it access to the money, and succeeded. Then, between November 1996 and March 1998, the company withdrew all the money from this account - about N$116,9 million. "Besides the fact it is heinous theft of our pension funds, we refer yourselves to the fact that under the Pension Funds Act (1956) read with the Companies Act (1973), liquidation of a pension fund shall only be done under an act of Parliament or under force of an act of Parliament," the workers argue in their petition. "As the High Court is ultimately responsible for our funds, we ask for explanations, alternatively we demand the court take action against Namfisa and its cronies." |
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