Mvunonala CEO probes R255m hole in Bophelo fund
Group head Angel Nyathela says she has reported to the FSB the claim that money is missing from Bophelo Beneficiary Fund
The new Mvunonala Holdings group CEO is investigating whether R255m is missing from the Bophelo Beneficiary Fund as reported last week. The media report said the money was administered on behalf of the Anglo Platinum Group Provident Fund. Angel Nyathela replaced Bongani Mhlanga, a Zimbabwean who built up the business over the past 15 years. After being deported because he was in the country illegally, Mhlanga stepped down as Mvunonala group CEO. Nyathela took up the reins of the group on Tuesday last week. One of her first tasks was to determine the accuracy of a City Press report that R255m was missing from the Bophelo Beneficiary Fund, administered by Bophelo Benefit Services, a subsidiary of Mvunonala Holdings. Nyathela said in an interview she had already reported the matter to the Financial Services Board (FSB), which is expected to make a statement shortly. The board is understood to be monitoring the compliance of the fund with provisions of the Pension Funds Act. "I will als...
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