Johannesburg - Cosatu's general secretary Zwelinzima Vavi has admitted that the trade union federation's old building was sold for R9-million less than its value, the Mail & Guardian reported on Friday.
The building in Braamfontein, Johannesburg, was sold to Street Talk Trading for R10m in 2011.
Vavi told the paper he became concerned that the price negotiated by the Congress of South African Trade Unions' investment arm, Kopano ka Matla, was lower than he had thought.
He commissioned a second market valuation by CPF Valuers, who said the building was worth R19.5m.
“However, by this stage, the legal process of the sale had already been completed, and as reported to the CEC (Cosatu's central executive committee) in November 2011, the sale could not be interrupted,” he was quoted as saying.
In March, there were calls for Vavi to be investigated following allegations of corruption. He denied any wrongdoing regarding the sale of the old headquarters, or the purchase of the new Cosatu House. - Sapa