Orphan benefits: where is the money?
Fund that has allegedly lost millions owed to children of deceased mineworkers is being investigated
The Financial Services Board (FSB) has placed the award-winning Bophelo Benefit Services, a subsidiary of Mvunonala Holdings, under statutory management following allegations that Bophelo had neglected to pay mineworkers’ orphans millions in death benefits. Bophelo won the Imbasa Yegolide Award for best trust and beneficiary fund administrator of 2013. Mvunonala CE Angel Nyathela was appointed last week to replace Bongani Mhlanga, whom Nyathela said had been deported to Bulawayo with regard to identity document transgressions. Nyathela confirmed on Monday that the fund administrator had been placed under the statutory manager, who has veto powers over every decision taken by Bophelo’s executives. "We were prudent in that we approached the FSB about the way forward when [the matter came to our notice]," says Nyathela. "We have agreed with it that [Bophelo should be put] under statutory management." The matter Nyathela refers to is the alleged disappearance of at least R255m in lump s...
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