“It is very unhealthy that the financial sector is dominated by the big four banks,” he told delegates at the National Union of Mineworkers’ (NUM) central executive committee meeting in Johannesburg.
“The economy is being financially built, which is very worrying. Sometimes I wonder if Checkers sells food only or also offers loans…companies make more money from loans than selling food.”
Billions of rands ended up in the hands of middle men.
“These middle men are called financial brokers, same as labour brokers. These people are feeding off the working class,” he said.
The monies from investments found their way into the pockets of individuals within the union movement.
“The dirty monies doing the rounds within Cosatu come from these companies in which your own money is invested,” he said.
“This business unionism should be condemned.”
In his secretarial report on Wednesday, NUM secretary general Frans Baleni said the lobbying within the tripartite alliance was influenced by money, in attempts to influence who governed a province or became its chairperson or premier.
Baleni said the “money bags” had become prominent in the election list processes within the ANC and resulted in the emergence of political tenderpreneurs. A tenderpreneur is a government official who seeks to use their influence to secure tenders.