Dennis George fired by Fedusa after two decades in charge
Veteran dismissed for serious misconduct sees a future as a tech entrepreneur
The Federation of Unions of SA (Fedusa) on Friday fired Dennis George, the longest-serving leader of a SA trade union, after more than 20 years at the helm of the organisation. Fedusa dismissed George, its former general secretary, saying he was guilty of serious misconduct with respect to his private investment in controversial Ayo Technology Solutions. George is the first high-profile casualty following a judicial inquiry into allegations of impropriety at SA’s largest asset manager, the Public Investment Corporation (PIC). One of the matters in the spotlight is the December 2017 listing of Ayo on the JSE. The PIC, which oversees more than R2-trillion and whose biggest client is the Government Employees Pension Fund (GEPF), was Ayo’s major backer. In 2017 the PIC paid R4.3bn for a 29% stake in Ayo ahead of its listing. The purchase effectively valued Ayo at R14.8bn, even though its assets were estimated at R292m at the time. Independent investigation
Fedusa presid...
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