Dennis George: I'm disappointed in Fedusa

Dennis George said he is disappointed in the Federation of Unions of South Africa (Fedusa), which has placed him under precautionary suspension amid an ongoing investigation into allegations relating to the acquisition of AYO shares.

According to a report by amaBhungane, George may have personally benefitted through the acquisition of AYO shares through his company Difeme Holdings. According to the report George acquired prelisted AYO shares at R1.50, in comparison to the Public Investment Corporation which acquired them for R43 a share.

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Fedusa on Thursday issued a statement indicating that an independent, external investigation has been launched to determine the veracity of the allegations. Earlier in February George was placed on special leave but has since been placed on precautionary suspension until the investigation is concluded, Fedusa President Masale Selematsela told Fin24 by phone on Thursday afternoon.

• READ: Fedusa puts Dennis George on precautionary suspension over AYO deal

Fedusa has commissioned law firm Baker McKenzie to conduct the investigation, Selematsela could not give a timeline of when the investigation could be completed.

"The outcome will guide us on the way forward," Selematsela said.

"I welcome the opportunity to clear my name," George said of his suspension. He explained that after reaching retirement age (60), he agreed to extend his contract with Fedusa.

"When you bind yourself to things at my age, the only thing that is important for me is my name and the trust people have in me."  It's important for George that the damage to his name and reputation can be cleared and said that allegations like these are like a "cloud that hangs over you". The reports have brought defamation to his character, he said.

"I am disappointed in Fedusa, I worked for them for over 20 years," he said of the organisation. George said he helped to build up the organisation. In turn Fedusa has said that George is innocent until proven guilty.

George admitted that the situation is difficult for his family.

"It is very difficult on my children," he said.

As for the acquisition of AYO shares, George described it as "any other commercial transaction".

When asked what he will do in the meantime, George said that he has been doing a lot of reading and writing. "That's how I keep myself busy," he added.