JUST about everyone interested in the administration of pension funds has been waiting expectantly for the evidence to be given by Peter Ghavalas in the criminal trial of Simon Nash, executive chairman of Cadac. Nash is charged with fraud, theft, money laundering and for racketeering in respect of the Power Pack and Sable pension funds.Ghavalas master-minded the arrangements that permitted companies with large defined benefit pension funds in actuarial surplus to make use of legal surpluses in nine smaller pension funds. He emigrated to Australia, and returned to South Africa to visit his ill mother in 2005, unaware that anything untoward was taking place. He was arrested and held for 40 days awaiting his bail application. Bail of R1m was granted and Ghavalas was required to report to the police daily.Finally, in 2009, he signed a plea admission, paid a fine of R18.5m, received a suspended sentence and returned to Australia. There was doubt he would return to give evidence-in-chief ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.