A Clipping from ELECTRONIC MAIL&GUARDIAN - ZA * NOW 3rd July 1998.

IBM PENSIONERS LODGE COMPLAINT

An action group of IBM SA pensioners on Thursday lodged a complaint with the pension funds adjudicator, claiming IBM SA is planning to close the pension fund and pocket its R250-million surplus. The surplus, the 350-strong group claims, belongs to the members. Group co-ordinator Rodger Hull said the group believes the company is trying to rush the closure as legislation currently before Parliament proposes that pension fund surpluses be split between members should the fund close. The IBM SA board of directors was confronted by angry shareholders on Wednesday, who tabled a vote of no confidence in them and proposed paying directors R1 a year each as a reflection of shareholders' dissatisfaction.

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