FSB appeals to Reserve Bank over R385m of orphans' fund stuck in VBS
A fund, the beneficiaries of which are children of deceased mine workers, has about R385m on deposit with VBS Mutual Bank, which the Reserve Bank placed under curatorship on Sunday.
The Financial Services Board (FSB) confirmed that the Bophelo Beneficiary Fund, which with its administrator, Bophelo Benefit Services was placed under curatorship by the board in June 2017, had R385m deposited with VBS.
The board was in talks with the Bank to recover this money for the orphans’ fund, Olano Makhubela, acting deputy executive officer for retirement funds, said on Tuesday.
The latest development concerning its cash will add to Bophelo’s woes. It was placed under curatorship after it emerged that at least R255m was missing from the fund, which holds money for orphans of Anglo Platinum mine workers. This funds the schooling and living expenses of the orphans, with the balance paid when they reach the age of 18.
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